The federal minimum wage has been $7.80 since 2009. At the same time, the cost of living has gone up 9.1% in the last 40 years. Everything is more expensive. Companies are raising prices as they want with no regard for how it will affect the buyers. You will spend $87 more on groceries now than in 2019. Many people live in poverty, and even those who are not still struggle to make ends meet. Inflation is high 1.81% higher than last year. Inflation is up but wages are still the same.
I want to make awareness to how wages haven't increased but inflation has gone up.
Increasing the minimum wage would make life easier and would combat inflation. Raising the minimum wage means minimum wage workers have more money to expend which means more money ripples throughout the economy as minimum wage employees are able to spend more thus stopping inflation in its tracks these minimum wage employees are spending more than businesses are earning more and need to hire more employees to keep up with the increased sales from the minimum wage employees who are buying more. Employees who are making a higher minimum wage feel more comfortable and satisfied in their minimum wage jobs meaning they are less likely to quit. This means there would be a lower turnover rate, which results in fewer expenses to hire and train new employees.
If we keep going the way we are going with wages more people will be impoverished and need federal help to stay afloat. The official poverty rate in 2022 was 11.6 percent, with 37.9 million people in poverty. Making the federal minimum wage $14 would be the best course of action because giving people direct money would lead to scams and other problems to make the need for money worse.