Assuming someone works 40 hours a week at the current federal minimum wage, which is $7.25, the take home pay after taxes for someone with no dependents is [b]$13,926[/b] a year. How people pay for food, rent, utilities, a phone (yes you twats a phone is a necessity in the 21st century) and other expenses is beyond me.
If it is raised to $9.00 per hour, yearly salary in the same above conditions is [b]$17,133[/b]. For someone living on that threshold, that's going to make a huge difference.
So in the end, a raise in the minimum wage is something that we've been needing for quite some time now.
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minimum wage is not intended to be a living wage. It's to get by until you find something better or get training to get a better job. Many companies will not be able to hire people at $9 an hour so those people will get no pay rather than say $7.20.
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[quote]Assuming someone works 40 hours a week at the current federal minimum wage, which is $7.25, the take home pay after taxes for someone with no dependents is [b]$13,926[/b] a year. How people pay for food, rent, utilities, a phone (yes you twats a phone is a necessity in the 21st century) and other expenses is beyond me.[/quote]Seriously? I work 20 hours a week on minimum wage and pay rent, food, gas, phone, etc. It's tight but it gets done...it seems very reasonable for a person to live off of 14k a year.
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[quote]Assuming someone works 40 hours a week at the current federal minimum wage, which is $7.25, the take home pay after taxes for someone with no dependents is [b]$13,926[/b] a year. How people pay for food, rent, utilities, a phone (yes you twats a phone is a necessity in the 21st century) and other expenses is beyond me. If it is raised to $9.00 per hour, yearly salary in the same above conditions is [b]$17,133[/b]. For someone living on that threshold, that's going to make a huge difference. So in the end, a raise in the minimum wage is something that we've been needing for quite some time now.[/quote] Great point, but ignores that fact that wages above the equilibrium will result in unemployment. Which means that for many citizens, their pay will go from $14,000 to $0. This, of course, means that the government is further strained with paying welfare, which creates more debt, which weakens our economy, which results in even more unemployment. Market economies suffer from a failure to adapt quickly, meaning, abrupt changes in labor microeconomic policy will ultimately result in more disruption of our already weakened economy. Thusly, the implementation of increased wages has to done slowly, overtime. It's a horrible situation, but this will only worsen the situation, not improve it.