minimum wage raise essential to fix our economy

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http://www.nationofchange.org/minimum-wage-raise-essential-fix-our-economy-1366638331

The Walton (Wal-Mart) heirs now have as much wealth as up to 40 percent of all Americans combined, and Wal-Mart’s sales have been slowing down. What does the first fact have to do with the second? (Hint: Sign this petition for raising the minimum wage.)

The top 1 percent now rakes in 20 percent of the nation’s income and holds one-third of the country’s wealth. Meanwhile the economy remains stagnant because the incomes of regular people are stagnant and falling – meaning they can’t buy stuff and can’t invest in their own futures.

From the post “40 percent Of Americans Now Make Less Than 1968 Minimum Wage”:


The chart shows that wages used to go up as productivity went up, but in the 1970s they decoupled. Productivity kept going up but wages stagnated.

Regular people’s incomes have been stagnant since the 70?s while costs keep going up. In fact, 40 percent Of Americans now make less than the 1968 minimum wage if that minimum wage had kept rising along with productivity. If the minimum wage had stayed coupled to productivity the minimum wage would now be $16.50 an hour – which more than 40 percent of Americans now make!

Instead all of those people’s possible additional income went to the top. And that plus changes in taxation is why we have the inequality we have. That is what happened to our economy and to all of us.