During his State of the Union Address to Congress on February 12, 2013, President Obama stated,“Tonight, let’s declare that, in the wealthiest nation on Earth, no one who works full time should have to live in poverty – and raise the federal minimum wage to $9 an hour.”
The idea that people working full time should not have to live in poverty is not new. It has been put forth for many years, including by FDR. President Obama went on further to say, “Let’s tie the minimum wage to the cost of living, so that it finally becomes a wage you can live on.” This approach of using automatic cost-of-living-adjustments has been in place for Social Security benefits for years, and negates the necessity to pass new laws every time the minimum wage becomes so outdated in purchasing power that it is no longer a living wage.
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