Letter: The minimum wage juxtaposed with the wealth of the richest Americans
Cristian Cardona, an employee at a McDonald's, attends a rally for a $15 an hour minimum wage Tuesday, Feb. 16, 2021, in Orlando, Fla. (AP Photo/John Raoux)
According to the U.S. Bureau of Labor Statistics, 1.8 Million working Americans are earning the minimum wage of $7.25 per hour (or less). Working 40 hours per week for 50 weeks per year -- somewhat more than most people -- that’s 2,000 hours.
If each were to get a $1-per-hour raise, that would total $3.6 billion in one year. Or, if you prefer, roughly 1/300th of the $1 trillion the richest 600 Americans gained on the stock market since the Trump tax cuts. A $4-per-hour raise would cost roughly the equivalent of the latest aircraft carrier to be commissioned.
Frank Fish, Taylorsville
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