The federal minimum wage is a disaster. And it doesn’t have to be but politicians refuse to increase it.
First, there is the time period since the minimum wage: 12 years. Two days over 12 years to be exact.
That is the longest time since in increase in our country’s history.
Then there’s the actual purchasing power with the minimum wage.
Today, the wage has a purchasing power of $5.81 according to the U.S. Bureau of Labor Statistics Consumer Price Index calculator. That’s a drop of almost 21% in the real wage since 2009.
And then there is the rent situation. With housing and rental prices climbing since 2009, there is nowhere in the country that a person making minimum can afford a two bedroom rental. The minimum wage has completely lost its purpose of providing a meaningful wage to workers.
This graph from the Economic Policy Institute illustrates just how pitiful the wage is.