Much praise has been ringing out over Congress’s new bill to raise the minimum wage from $5.15 an hour to $7.25 an hour. After all it is the first increase for over a decade. Low paid workers must be jumping for joy.
Many of them are – because they haven’t yet realized the increase they will get is only $0.70c an hour, and then not till sixty days after the legislation becomes law.
According to Bloomberg.com:
“The wage increase would be accomplished in three stages, rising to $5.85 an hour 60 days after enactment, then to $6.55 an hour one year after that and $7.25 an hour two years later.”
The full increase – to $7.25 – won’t happen for another two years. By which time inflation may well have reduced it substantially.
All Hail to our New Democratic Congress!
Filed under: Garbage