Rich Get Richer and the Poor Get Poorer: Depressed Minimum Wages Testifies to the Success of Capitalist Markets
Original post made by Justice Tracker on Jun 18, 2013
The federal minimum wage of $7.25 is worth $2 less today than it was in 1968 when adjusted for inflation. That's one of the findings in a June study by the non-partisan Economy Policy Institute on the economic position of Blacks in America.
Today, the minimum wage, which hasn't increased since 2009, falls short of a living wage. According to the EPI study, a full-time worker would need to earn $11.06 an hour in 2011 to keep a family of four out of poverty.
The real value of the minimum wage peaked in 1968, when it was $1.60.
Over the past 50 years, the minimum wage has seen little to no growth as worker productivity has surged and capitalist profits have grown. In fact, if the minimum wage kept pace with increases in worker productivity, it would now stand at $21.72 per hour; but most economists agree that most workers are not worth that much and don't deserve it.
In February, President Barack Obama, in a shameless attempt to pander to the bottom 47%, proposed raising the federal minimum wage to $9 an hour. Republican lawmakers, fighting to maintain freedom for bullied and embattled jet-setting capitalists, unanimously voted down a House proposal to raise the minimum wage in March.
What the study neglects to mention is how increased profits for capitalists have been needed to ensure that job-creating heroes can add to their approximate 200% increase in earnings in relation to peon wage laborers over the past 30 years or so. Also, the study neglects to mention how middle class families don't need more than minimum wage today because many households have two workers, and frequently they smoke. Finally, the study fails to consider how people who earn minimum wage get what they deserve in this life for being the slackers and hangers on that they are.
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