Time to tie the Minimum Wage to the cost of living?
Neal Asbury, The Neal Asbury Show, joins Thom Hartmann. Federal minimum wage is only $7.25 an hour, or only $15080 a year for a full-time worker. That's more than $8000 below the federal poverty line for a family of four. The minimum wage for tipped workers currently stands at only $2.13 an hour -- the same as it was over 20 years ago. Two-thirds of American workers in low-wage jobs are employed by large companies with over 100 employees, not small businesses. Of the 50 largest employers of workers in low-wage jobs, more than 90 percent were profitable in 2011. They also paid their top executives an average of $9.4 million in 2011. Three fourths of Americans -- including three fourths of Independents -- support increasing the federal minimum wage to $10 and making it automatically rise with inflation.