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FEDERAL MINIMUM WAGE.  Went up to $5.85 on July 24, 2007, the first increase since September 1997.  Self-Sufficiency Wage in 2007 –Brown County: $12.89.

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Presentation on theme: "FEDERAL MINIMUM WAGE.  Went up to $5.85 on July 24, 2007, the first increase since September 1997.  Self-Sufficiency Wage in 2007 –Brown County: $12.89."— Presentation transcript:

1 FEDERAL MINIMUM WAGE

2  Went up to $5.85 on July 24, 2007, the first increase since September 1997.  Self-Sufficiency Wage in 2007 –Brown County: $12.89

3 MILLIONS WHO LIVE ABOVE THE POVERTY LINE CANNOT AFFORD HEALTH CARE, FOOD, TRANSPORTATION, AND OTHER BASIC EXPENSES. OFFICIAL POVERTY LINES ARE THUS SET TOO LOW: $10,400 FOR A SINGLE PERSON, $21,200 FOR A FAMILY OF FOUR.

4 NOTE: IF ONE EARNED A SELF- SUFFICIENCY WAGE IN BROWN COUNTY ($12.89 PER HOUR), S/HE WOULD EARN $26,811 ANNUALLY: THAT IS, $5,611 OVER THE FEDERAL POVERTY GUIDELINE

5 THE ECONOMIC POLICY INSTITUTE’S BASIC FAMILY BUDGET CALCULATOR SAYS THE NATIONAL MEDIAN BASIC NEEDS BUDGET (INCLUDING TAXES AND TAX CREDITS) FOR A TWO-PARENT, TWO- CHILD FAMILY WAS $39,984 IN 2004 (OR $38,136 IN NEW ORLEANS, OR $33,636 IN BILOXI, MISSISSIPPI). BASIC FAMILY BUDGET CALCULATOR BASIC FAMILY BUDGET CALCULATOR

6 FAMILY OF FOUR EXPENSES based on earnings of $9.92 per hour or $1745.92 per month (22 workdays)  Deductions of 15%: $261.89  Rent: $500.00  Child Care:$480.00  Transportation:$220.00  Utilities:$140.00  Remainder:$144.03 What’s Missing? What’s Missing?

7 NOTE: 1 IN 10 AMERICAN WORKERS BENEFITTED FROM 2007 MINIMUM WAGE INCREASE

8 Combined, “Forbes 400” (wealthiest 400 people in the country) wealth totaled more than $1.1 trillion – an amount greater than the gross domestic product of Spain or Canada, the world’s 8 th and 9 th largest economies.

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