The middle class is getting hit. The Bureau of Labor Statistics reports that for the first 6 months of 2009 salaries actually dropped. It’s the first time that minimum wage has ever dropped. The program started in 1938.
How did the minimum wage drop?
Some states have tied minimum wage to inflation rates. So when prices go up, salaries change automatically. Colorado for example lost 3 cents and hour so minimum wage in Colorado will be $7.25 per hour. So far only Colorado has done this.
Minimum wage protects the most fragile of our society. They are the people we serve with payday loans. They are usually the ones who live paycheck to paycheck so when an emergency comes up a service like ours is one of the few places they have to turn.
Let’s hope other states don’t follow!
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