Raise The Wage
One of the key ways we can build an economy that works for everyone, and not just those at the top, would be to put more money in the pockets of workers. This would not only help those workers who would receive a wage increase, but it could also boost the economy.
Currently, a worker making the federal minimum wage of $7.25 an hour and raising two children is struggling to make ends meet. Assuming a minimum-wage employee works full time and takes no vacations, she or he will earn just $15,080 a year. This is $4,000 below the poverty line for a family of three. According to the Massachusetts Institute of Technology, or MIT, families in Kentucky need $43,868 to meet minimum standards of living.
Raising the minimum wage from $7.25 to $10.10 would increase a minimum-wage worker’s annual earnings to $19,777.23 When workers’ wages increase, they have more money to spend on things such as microwaves, school supplies, and even child care. This boost in demand for goods and services will help stimulate the economy and create opportunities for all Americans.