- by Piper Hoffman
- November 8, 2012
- 9:00 am
President Obama has four more years in the White House, and he has to fill them up somehow. Here, in no particular order, are three financial priorities he should focus on — some of which he had promised to take care of in his last term. (For Part 1 of this series, click here.)
1. Minimum Wage
When he campaigned for the presidency in 2008, Barack Obama promised to increase the minimum wage to $9.50 and “index it to inflation,” Politifact reports. And yet, the federal minimum wage is $7.25 an hour. Some states have higher minimums; they aren’t allowed to have a lower one.
Indexing the minimum to inflation is important. If the minimum wage had been indexed to inflation over the last 40 years, it would be up to $10.55. In real dollars, it is worth significantly less than it used to be and than it was intended to be.
According to Raise the Minimum Wage, a full-time minimum-wage worker cannot afford the rent on a two-bedroom apartment in any state in the union. 64 percent of minimum-wage workers are women.
It is vital to the working poor that Obama keep his promise to raise the minimum wage and to index it to inflation. He might even consider raising it higher than $9.50 so it is worth as much as it was 40 years ago.
the rest of this post found here: http://www.care2.com/causes/obama-heres-your-to-do-list-part-2.html#ixzz2BjxWtWgk