So this graphic makes it seem like we are way behind other 1st world nations with our minimum wage. Check this out I ran a metric crap ton of numbers and NO I am NOT an economist so HOPEFULLY these numbers stand up. I used Wikipeda to figure out the effective tax rates and Purchase Power Parity for each of these nations and correlated this with how many hours of work it would take to buy the same item or basket of goods.... US aint so bad, Australia is pretty good. (Note I am using 0% for US federal tax due to those earning under $40k actually have a NEGATIVE effective FEDERAL INCOME TAX) California would have to LOWER its minimum wage to $8.88 (12 cents lower) to spend the same amount of hours at minimum wage to get an iPad compared to Denmark... when you compare the OECD (basket) of goods California would need to lower it a full $1.40 per hour for the same basket! Or the federal minimum wage would have to increase $0.35... yes $0.35... not to $15. OK lets compare generic US Federal Minimum wage compared to the countries on this list. Current US Federal Minimum wage is $7.25 What would the US Federal minimum wage need to be to have to work the same hours for an iPad vs... AUS - $13.75 DEU (Germany) - $5.55 France - $7.70 Now compare to the OEMC $100 basket of goods... AUS - $9.60 Germany - $6.20 Denmark - $7.60 France - $8.85 In conclusion compared to these countries the US is really close to the middle with our current minimum wage. {Drops Spreadsheet, walks off}
Posted on: Sat, 13 Sep 2014 00:54:41 +0000
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