There has been a lot of dialog about raising the minimum wage. Statistics galore on the topic. So exactly what is the minimum wage and who works for that amount?
The Federally mandated minimum wage is $7.25 per hour, unless it is something different. What? Something different? Certain labor categories, those whose wages are supplemented by tips are lower. The assumption is that tips will bridge the gap between the wage paid by the employer and minimum wage. OK, if that’s what you say. All that means is someone working at Joe’s Dinner gets paid the same as a waiter in the finest restaurant in Manhattan, and tips will cover the gap. Well, it’s been reported that waiters in the finest restaurants can earn 6 figure incomes. That indeed is a far cry from minimum wage.I simply say, pay a fare wage and do away with tips.
I looked up a few statistics. I welcome you to do the fact checking. Here we go.
- There were approximately 124.73 million full time workers in the USA in September 2016.
- There were approximately 3.3 million employees earning minimum wage or below.
- Currently 29 states plus Washington DC have minimum wages that exceed the Federal Wage.
In reality, many of the minimum wage employees are students (college and High School) working part time jobs. Check for yourself.
I invite you to make whatever political and social assumptions you wish about the above numbers.
Now for some other interesting “Minimum Wage” facts.
- Movie Extra per SAG requirements $18.50/hr.
- NFL Rookie $420,000/year
- NBA Rookie (2014-2015 season) $507,336/year
- MLB Rookie (2017) $535,000/year
- NHL Player $650,000/year
- US Senator $174,000/year
- Associate Justice SCOTUS $213,900/year (Lifetime appointment)
- POTUS $400,000/year (supplemented by allowances)
The conclusion I draw from these salaries/wages is the fact that we have a select group of people that are way overpaid, and a much larger group of people that are underpaid. What do you think?
That’s the way I see it.