Quote by Jon Corzine
It has now been over 7 years since Congress last raised the minimum wage to its current level of $5.15 per hour. Since that last increase, Congress's failure to adjust the wage for inflation has reduced the purchasing power of the minimum wage to record low levels.
Summary
This quote highlights the issue of the stagnant minimum wage in the United States. It states that for more than 7 years, Congress has not raised the minimum wage, resulting in a current rate of $5.15 per hour. The absence of adjustments for inflation has caused the purchasing power of the minimum wage to decrease significantly, reaching historically low levels. This quote suggests that the lack of action by Congress has negatively impacted low-wage workers' ability to afford goods and services.
Topics
Failure
By Jon Corzine
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