Tuesday, March 22, 2016

The Average Senior Lives on Less than the Minimum Wage

For months now, we have been told by the "raise-the-minimum-wage activists" and by both Hillary Clinton and Bernie Sanders that the federal minimum wage of $7.25 is not adequate for the 1.3 million Americans earning that amount.  Many arguing that an increase to $15 an hour is much needed.

But tell that to more than half of our nation's 55 million seniors living on Social Security and existing on less than $7 an hour.

Right now, the average monthly Social Security check is $1180 with nearly half getting less than that. Mathematically, that is the equivalent of only $6.86 an hour; and, for 23% of married and 46% of single social security recipients, that  check constitutes almost all of their income.

Maybe we should be talking about $15 an hour for the nation's seniors so, that 12% of  women and 7% of men aren't living in poverty anymore?  You know, a living wage.  Of course then, Social Security would go bankrupt.  Though, I suppose its alright to bankrupt struggling businesses with a $12 or $15 wage. 


The Tightwire Act of Living Only on Social Security: http://www.nytimes.com/2012/09/12/business/retirementspecial/living-only-on-social-security-is-a-tightwire-act.html

Poverty Among Seniors: http://kff.org/medicare/issue-brief/poverty-among-seniors-an-updated-analysis-of-national-and-state-level-poverty-rates-under-the-official-and-supplemental-poverty-measures/

Characteristics of Minimum Wage Workers: Among those paid by the hour, 1.3 million earned exactly the prevailing federal minimum wage of $7.25 per hour: http://www.bls.gov/opub/reports/cps/characteristics-of-minimum-wage-workers-2014.pdf

No comments: