Can you live on what the new Federal minimum wage is set to become? From $5.85 a hr to $6.88 A hr?

Question

I know i can or could not live on that.

Maybe 20 years ago I could have, but not now.

Can you live on the 6.88 A hour?

Answer 1

There is no way whatsoever that anybody could live on that salary in todays world.

Answer 2

It's not intended to.  A wage is what an employer thinks your time is worth for the job being done.  The minimum wage is just the minimum amount that can be offered.  Someone always has the right to accept the offer or obtain the skills needed for a better wage.

Answer 3

Minimum wages are usually set by the state. They just have to stay above a certain amount. I believe all states are above the Federal minimum wage anyway.

Answer 4

I don't think this is very realistic wage for a single person or a family. Fortunately I don't get paid min. wage.

Answer 5

Ha! After taxes that may eek out to 5 bucks an hour! Depending on where you live its a bonus....if you have a kid you qualify for renters assistance so your rent would be about 70 bucks a month,you get food stamps about 200 bucks a month and state medical..... at tax time you get earned income credit so you will receive a nice income tax check

Answer 6

This is just another way for the government to make it look like it cares about issues like poverty but reinforces the idea that it only cares for large business and the flow of cheap labour to support these corporations.  This wage increase will merely perpetuate poverty since it is not even keeping up with inflation.  Perhaps the government should invest in it's greatest asset for a change and start caring for the residents of what was once a great country.

Answer 7

According to one of my attorney co-workers it is set to go up again from $6.88 to $7.25 in 2009. It may just be speculation, however, I was pretty convinced when he mentioned it in conversation.