A slim pay day
Published: Thu, Jul. 31, 2008 12:30AM
Modified Thu, Jul. 31, 2008 01:21AM
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closeOn July 24, the second of three federal minimum wage increases went into effect, bringing the minimum wage up to $6.55 per hour for thousands of North Carolinians.
The increase comes at a timely moment as economists widely agree that raising the minimum wage is one of the best strategies for boosting economic growth during an economic downturn. Workers get more money in their pockets to spend at the fuel pumps and in the grocery stores and that, in turn, helps businesses maintain demand. And there's a spillover effect -- an increased minimum wage means that workers earning more than the minimum wage see their paychecks increase, too.
Unfortunately, the recent wage increase also highlights the need to do more. Inflation has risen to 5 percent over the last year. The $0.40 minimum wage increase translates to workers' earning 6.5 percent more than they did during that same period. Much of the wage increase will go toward maintaining an individual's financial security rather than increasing it.
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Facts aside, it all comes down to a basic core value: If you put in a decent day's work, you should receive a decent day's pay. Let's hope it will one day be true.
Louisa Warren
Raleigh
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