Home National Politics Senator Webb Co-sponsors Legislation to Increase Federal Minimum Wage

Senator Webb Co-sponsors Legislation to Increase Federal Minimum Wage

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Now THAT is more of the “health of a society is measured at its base, not at its apex” Jim Webb I so strongly supported in 2006. Good to see, as this is badly needed!

Senator Webb Co-sponsors Legislation to Increase Federal Minimum Wage

Fair Minimum Wage Act of 2012 Would Establish First Raise in Three Years

Washington, DC – Senator Jim Webb (D-VA) co-sponsored legislation Monday to raise the federal minimum wage from $7.25 to $9.80 over two years. The Fair Minimum Wage Act of 2012 (S.3453) would then index the minimum wage to inflation to keep up with future cost-of-living increases.

“Lower income workers continue to get squeezed by stagnant wages and rising cost of living,” said Senator Webb. “In the age of globalization and outsourcing, the average American worker is seeing a different life and a troubling future. While corporate profits are at an all-time high, wages and salaries are at an all-time low as a percentage of GDP.  Raising the minimum wage is an important step toward addressing this disparity.”

One of the first bills that Senator Webb co-sponsored in the Senate was The Fair Minimum Wage Act of 2007, which established the first federal minimum wage increase in ten years. Senator Webb has supported a wide range of policies to promote economic fairness including raising tax rates on capital gains and dividends, taxing hedge fund managers’ profits (carried interest) as ordinary earned income, and a one-time windfall profits tax for Wall Street banks that received bailout funds.

 

Key minimum wage facts:

·         A full-time minimum wage earner makes about $15,080 per year, which is $4,010 below the federal poverty level for a three-person family;

·         In 2011, 3.8 million workers earned wages at or below the federal minimum wage;

·         The minimum wage is not currently tied to inflation, which results in an erosion of its value and purchasing power unless Congress repeatedly acts to establish an increase.

  • Elaine in Roanoke

    People like Mitt Romney cannot imagine what it is like for a couple working at minimum-wage jobs, while trying to rent a small apartment. Rentals require 2 months rent up-front (first and last month), plus a deposit to cover possible damages. Let’s say they look at a one-bedroom apartment that rents for $700. That’s not an unusual rent for just about anyplace nowadays, when so few working-class Americans can afford to purchase a home, meaning that rents have been rising steadily during the Great Recession. So, this couple who are together bringing home $580/wk, less taxes totaling a minimum of $50-60 per week, have to live somehow, while saving about $1800. Try that, Mittens.

    I also remember Romney saying young people should get all the education they could afford, and they should ask their parents to help them. Most people, Willard, don’t have a multi-millionaire Daddy, like you did. So, they go into debt to get trained for jobs that global corporations ship to lower-wage countries. GOPers are clueless about the real world where the rest of us live.

  • Teddy Goodson

    recently, I was on “the rope line” so got to shake his hand after he finished his speech (essentially the same speech he had given in Roanoke, but it was still good). Everyone was telling Obama how much they loved him, so when my turn came I said to him:

    Raise.the.minimum.wage

    It gave him pause, then he grinned and said “Yes, we have to do that, too” before moving on. I wonder if he’ll remember the nano-second comment… especially if Webb’s bill should ever make it through Senate and House and reach the President’s desk. Will Obama work to get the bill passed? Will he use it in his campaign? I can think of nothing that would be a more immediate stimulus to the economy, for example. Just thinking about how enraged the very idea of a minimum wage (must less raising it) makes the corporotists and their lackeys makes me smile.