by Brian T. Lynch
According to the NY Times: “As in 2011, 46 percent, or nearly half of New Yorkers, were making less than 150 percent of the poverty threshold, a figure that describes people who are struggling to get by.
Even with fewer people unemployed, the poverty rate for working-age adults working full time reached 8 percent, by the city’s measure. Fully 17 percent of families with a full-time worker lived in poverty, and even among families with two full-time workers, the rate was 5.2 percent.”
NOTE: This means that 8% of adults working FULL-TIME are at or below the poverty line, while 46% percent of all EMPLOYED New Yorkers are struggling to get by. This reinforces my analysis that NEARLY HALF of all working families must rely on some form of PUBLIC ASSISTANCE to make ends meet. Government assistance to these fully employed families = a tax subsidy on labor costs for the companies that employee them.
Put another way, people who earn more are being made to subsidize the company’s low wage employees through their federal income tax withholding. Ordinary wages have been held hostage to the 1% for almost 40 years.
AMERICANS NEED A RAISE
In, “Making the Case for a LIVING WAGE” I discussed more fully why it must be the obligation of business to compensate their employees to a level of at least minimal self-sufficiency (a living wage). Once all wage earners realize they shoulder the burden for low wage workers there will be more activism to at least raise the minimum wage. Ask yourself, “How much does my companies low wage policies cost me in income taxes?”
Here below is the link to the New York Times article which is about New York City, but could be about any city in America.