Minimum wage would be over $20 an hour if it kept up with inflation. That’s just food for thought.
The idea of raising minimum wage is a tough one though. I do believe minimum wage should be raised, but t should be done more responsibly and gradually so the economy can catch up, instead of demanding small businesses to install it and suffer right away.
Think about it this way: The wealthiest 5 percent of this nation only spend roughly 10 percent of their income, while the rest is saved or in bonds that do nothing for the economy.
The other 95 percent spend 90-99 percent of their income with very little left to save. The disparity in wealth is so large that if you put more money in the hands of those 95 percent, they’re sure to spend it, in turn making the economy stronger and putting more money into the economy.
Things aren’t going to look great right away, but the long term effect could be huge.
Minimum wage was created to be the minimum standard of wages to live off. A single parent with 1-2 children would have to work upward of 80 hours a week on current minimum wage to afford a 2 bedroom apartment (average U.S. rent cost) and food. That’s not right.
As for the super rich, keep your money in the United States and pay your taxes like everyone else.