If the minimum wage is increased, will this effect the federal poverty line?

Question

I receive a Veterans disabilty pension that is based on the poverty level and wonder if the minumum wage goes up, will the poverty level and my pension increase? Its hard to live on $900 a month...

Answer 1

Yes the poverty level will increase and more than likely your pension will also increase. And because of this, everyone's taxes will increase to cover the added cost of these increases which will result in the negation of any benefit from the minimum wage increase, which will cause the people now making the minimum wage of $7.25 an hour to still be considered below the new poverty line requiring a future increase in the minimum wage etc...etc...etc...etc...

Answer 2

well! living on a budget of $900 a month... is just too tough for the life of today! well even after just being a student i can also imagine how tough it gets to be having a certain amount for an entire month! back to the question, If the minimum wage is increased, this will effect the federal poverty line for the short term because peoplewill have more money to spend on the things they want to get, they wil demand for more products which will lead to anincrease in prices of products the natin which will cause life to be difficult to survive latter on and standard of living will increase and simple workers may also find it difficult o live on such wages but it wont have a long lasting effect on the long term basis!if the minimum wage goes up, the poverty level and the pension might increase but depending upon the nations decissions on how much wages should be given to each pensioner!.well! hope this helps!

Answer 3

No. it is going to break the financial gadget in that expenditures will circulate up and everyones money will purchase much less. they could boost minimum salary to $50 and hour and it may nonetheless no longer help. Why properly the fee of gas could circulate as much as $25 a Gallon, and Gallon of milk could run around 35 and loaf of bread at approximately $10. Any time there's a vote interior the abode and Senate that's over 80% understand that the politicians are doing a experience sturdy excersize to convince absolutely everyone they made the excellent determination interior the final election. that's political grandstanding at its very worst! And what could that snotty little wealthy youngster Ted Kennedy now approximately poverty. he's the main important Hypocrite interior the international.

Answer 4

Ugh- $900 isn't very much... (issues)

I haven't taken any economics classes, so this is a total lay-man's view...

Probably- I feel that raising the minimum wage feeds inflation- it increases production costs of a lot of the cheaper items we all buy (things made by min-wage earners)... which increases the cost of living and the buying power, which (in my view) increases how much money is "not enough"...

I don't know if they will change the legal definition of "poverty", but in practice, raising the min wage will.

Answer 5

Well it will effect the federal povery line. More people are going to be able to afford things that they wern't before, however, I don't think that your pension is going to go up. The reason why is that the pensions maybe based on the poverty line but those stats do not get changed very frequently.

Answer 6

II don't think it will. What I do think will happen is it will shift the lower paying jobs to more 'undocumented aliens' as they will accept the lower wage more so than Americans. Therefore leaving more Americans without jobs and dependant upon Uncle Sam. And yes, $900 a month is a challenge to live on but it can be done. Thanks for your service to our country.

Answer 7

Raising the minimum wage causes employers to raise prices or eliminate jobs, so it hurst everyone.

http://en.wikipedia.org/wiki/Minimum_Wage