Yves here. This Real News Network segment discusses what many readers know all too well, that even a $10 minimum wage fails to provide an adequate standard of living, particularly for parents. For instance, even though MIT has a living wage calculator, its results seem unrealistic (notice, for instance, a supposed living wage of $9.20 an hour for a single person in in Jefferson County, Alabama, is based on a budget that allots a mere $73 a month for “other” expenses, including clothes, shoes, cleaning and laundry, telephony and banking services). The RNN experts explain why the method for calculating the poverty line is outdated and underestimates living costs. They argue that a $15 an hour minimum wage, no matter how unattainable it seems politically, is the level needed to provide a true “minimum” wage.
The segment also does a good short-form debunking of the disgracefully partisan CBO’s claim that raising the minimum wage would result in 500,000 lost jobs.