08-10-2007
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#31 (permalink)
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Quote:
Originally Posted by earllogjam  What I am more interested in here is the question of whether social economic mobility in the US is being squashed. Is the American Dream dead? Can most people no longer achieve economic prosperity, to live better than their parent's generation did. And if not, why? | The federal minimum wage for covered nonexempt employees is $5.85 per hour effective July 24, 2007. The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). Many states also have minimum wage laws. In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages. Minimum wage in NY & NJ is $7.15 an hour. Traditionally if you are working for minimum wage you get time and a half for anything over 40 hours. How long would two adults have to work at minimum wage jobs to afford a 10% down payment on a $400,000.00 home? *Let's assume both people work 10 hours of over-time a week. I have dyscalculia so somebody else is going to have to do the math if they want the calculations to be correct. In New Jersey, in 2002 a person needed to earn $43,500 a year in order to afford to live in a two bedroom apartment. I know of college graduates that had trouble doing that and they had "real jobs." Does that answer your question? |
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