Inflation is raising the costs of goods, but federal minimum wage is $7.25 and many states like Texas have had this rate since 2009. Let's be real, this is not a livable wage, and many jobs do not want to give even close to 40 hours. Yet, many Americans are living paycheck to paycheck off these wages.
When basic wage at Walmart is more than what some teachers make in Texas, it seems evident this is a huge problem. Earnings have risen substantially since 2009, the system is supposed to work when companies making more give back more to their employees, I thought.
Am curious what would a federal minimum wage increase do now for our economy? Would it be beneficial long term, or is it not a good idea in a recession and should've been done proactively long before?
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