Recent protests by fast food workers across the U.S. have spurred a national conversation about the Federal minimum wage. Many are labelling this compensation scheme the “starvation” wage — and rightly so. According to John Mason, a professor of politics at William Patterson University in New Jersey, “[The minimum wage] effectively places you at 30% below the official poverty budget.” In light of these recent events, we bring you five facts about the minimum wage that you probably didn’t know.

1. The national minimum wage is $7.25/hour.

  • If you work for 40 hours a week for 52 weeks, your income would be $15,080.
  • The poverty threshold for a family of 3 is $18,480.

2. If you work 40 hours a week and get paid minimum wage, you cannot afford rent for a two-bedroom apartment.

3. Contrary to popular belief, most minimum wage workers are not teenagers working part time for extra cash.

  • 88.3% of minimum wage workers are 20 years of age or older,
  • vs. 11.7%, who are under 20 years of age.

4. Fast-preparation and serving-related occupations have the most workers paid the minimum wage.

5. In 1968, the minimum wage was $1.60.

  • Adjusted for inflation, that would be $10.56 today.

 

What are your thoughts on the current Federal minimum wage? Should it be raised? What should be done about it, if anything at all?

  • Michael Stewart

    They should try abolishing the minimum wage.

  • matjoe76

    The Minimum wage is a laugh. Maybe there are some places you could manage to survive on it if you ate once a day. The only problem is that no matter what it would be raised to the only ones who would benefit would be the Greedy. Prices would be raised on EVERYTHING or a lot of people would loose their jobs and the ones still working would be asked to produce more. Now If they could increase the minimum wage to $16.00 an hour and freeze prices that would be a different story. Didn’t someone once write the rich get richer and the poor get poorer.

  • ridgerunner

    If you have been in the work force for more than five years, and are still working for minimum wage, then something is wrong. I have been working since I was 16, and other than a training wage, starting a .075 per hour, allowed at that time, not now, I have not worked for minimum for more than two weeks in my whole life. I am now 67 years old and have owned several small businesses. And by the way, I am a High School drop out with no college. Last year I earned over $100,000.00. Minimum is a starting wage, it is not meant to be a living wage, it’s a first step.