With a $23 trillion national debt, why did taxes go down at all? Why does the Social security tax stop at a max income of $132,900? Social Security and Medicare need more funding. Many households are not feeling the American Dream.
$15 an hour times 40 hours a week is $600, and that’s assuming you can get in that many hours; many full- time jobs in America are fewer than 40 hours a week. $600 a week times 52 weeks equals $31,200 a year.
The U.S. Population in 2019 was 329 million and contained about 128 million households. 37.1% or 47.61 million households earned less than $50,000 a year. 10.3% or 13.24 million households earned $200,000 plus. We show from The Massachusetts Institute of Technology a living wage calculator for various cities in the U.S. For a family of four with two workers went from a low of $59,987 to $85,154.
For many families, even a basic necessities lifestyle can be realized only if both the male and female household heads are in the labor force.
Again, some citizens are doing well in America; many aren’t.
If you had purchased one of each of these items in 1970, you would have paid a total of $17.15, but in 2020, the same items cost $196.37. If the above-listed items had risen by the rate of inflation, you would have paid $115.02, so the cost of items on that list rose over 1000%.