In anticipation of Big Business Day, er uh, Labor Day, the good people at the National Employment Law Project are out with a new report that shines some welcome light on a much undereported subject in modern America: the huge and growing profits of low wage employers.
This is from the release that acccompanied the report:
“America’s low-wage economy is marked by two extremes. On the one hand, workers earning at or near the minimum wage are seeing the real value of their paychecks diminish steadily over time, as the cost of living increases while their wages remain stagnant. After nearly half a century of neglect, today’s federal minimum wage of $7.25 per hour is decades out of date. In terms of purchasing power, its value is 30 percent lower today than it was in 1968.
On the other hand, many corporations are posting record-breaking profits. Read More