Here’s where things get interesting: A full-time worker (40 hours a week) in the U.S. making minimum wage earns only $15,080 a year. For some context, median individual earnings are $40,404 a year (BLS), while the U.S. poverty level is $23,550 (HHS). Full-time minimum wage earners make 62.7 percent less than median income and are 36.0 percent below the poverty level. (The number you probably hear quoted most often is median household income at $51,017, according to the census. The minimum is 70.4 percent below that).
That’s a truly appalling piece of statistical manipulation.
That minimum wage is the single earner wage. The median is also individual earnings. That poverty line is actually for a two parent, two children, household.
The poverty line for a single person is $11,490, for a two person household, $15,510.
That really is egregiously misleading. Just horrible. I’m amazed that Bloomberg are letting that stand.