Save Social Security by Raising the Minimum Wage to $8 per hour
By G Edward Cook
Created 2006-01-03 02:58
Save Social Security by Raising the MinimumWage!!
Raising the minimum wage from $5.15 per hour to $8.00 could notonly help millions of Americans but could save our Social Security.
I feel the minimum wage of $5.15 per hour is immoral. A personworking forty hours per week, 52 weeks a year clears almost enough topay for medical insurance for his family. This is a disgrace! Theminimum wage hasn't gone up in years. We need to raise the minimumwage to $8.00 per hour over three years then raise it another 25 centsper hour each year thereafter.
Raising the minimum wage to $8.00 would sure up social securitybecause of the added taxes paid to the Social Security Fund. Thisamount would be more than you would think.
A worker earning the minimum wage of $8.00 would contribute anextra $712.28 per year to the Social Security fund. The worker wouldpay $364.14 and his employer would pay the same. The worker wouldstill clear an increase of over $100 per week in his paycheck.
The government is saying our Social Security Trust Fund will run outin about forty years. I have estimated the extra money collected by allthe people working for minimum wage and the extra earned by thoseearning less than $8.00 per hour over the next 40 years along with a verymodest interest would equal trillions of dollars.
Thanks for your support,G Edward Cook