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Inflation’s historic impact on minimum wage – Kansas City, Missouri

Kansas City, Missouri 2022-08-05 11:28:52 –

Charles Waddy makes a living working two jobs in Cheyenne, Wyoming.

In addition to doing both jobs, inflation forced Waddy to make a difficult decision. He gave up his mobile phone to save money.

“It’s really crazy that rent, gas and especially food have all expanded,” he said.

Wadi jobs are higher than minimum wage. He’s one of the lucky ones in Wyoming. minimum wage It beats the federal level of $7.25 per hour.

“It’s supposed to be designed to be a living wage, but right now, it’s hardly a living wage,” says economist Nick Korsch, who teaches at Laramie County Community College.

He used to have a job that paid minimum wage.

“It’s heartbreaking. I think if I give up 40 hours a week, I should be able to live,” Colsch said. “You should have the other 128 times a week all to yourself.

According to the Economic Policy InstituteRising inflation has pushed the minimum wage value down to its lowest level since the 1960s.

The federal minimum wage has remained at $7.25 for 13 years, but inflation has risen 38%. So $7.25 in 2022 It is believed to be close to 2009’s $4.50.

“It’s only natural that prices go up year on year, and the minimum standards that people work for don’t go up,” Korsch said.

Democrats proposed raising the federal minimum wage to $15 an hour.President Joe Biden said his State of the Union Address State.

2021, Republicans objected The plan is to raise the minimum wage to $10 an hour.

Groups such as small business owners have expressed concern that higher wages could force them to cut jobs.

Only about 1.5% of American workers actually earn $7.25 an hour. Most states and dozens of cities have implemented their own minimum wage increases. Private companies such as Amazon and Target have also increased starting salaries well above minimum wage.

Korsch said the federal minimum wage figure sets the standard for what is considered fair wages.

“There are more bad three months to be homeless than three good months to be a millionaire,” Korsch argued.

While lawmakers in Washington debate what numbers and rates will work best for the economy to move forward, there are people like Wadi working at least two jobs across America.

“I do what I do every day for my family,” he said.

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