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June 6, the Dow Jones reached another high! What about those who work for wages? Wages as a percent of Gross Domestic Product have declined!
From 1945 to 1970 wages were steady at about 50 percent of GDP, but now have reduced to 43 percent. Half of income now goes to the top 10 percent. Since 1970 income for the top 1 percent has increased three times while the bottom 90 percent have had a net loss (2008 dollars).
Something must be done! Start by increasing the minimum wage. Most minimum wage workers are women. Most work full time. Average age is 35. Many live in poverty. The minimum wage in 2013 dollars has been reduced by one quarter since 1968.
Republicans, Democrats, Independents and small business owners agree the minimum wage should be increased. If the minimum wage was increased to $10.10 (President Obama's proposal), 17 million would be affected. Additionally, 11 million indirect would be affected. If the minimum wage went up at the rate of the top 1 percent it would be $28.34.
Some Republican legislators are fighting any increase, claiming it would cost jobs. History shows this effect is minimal. Seattle already voted to gradually boost the minimum wage to $15.