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Monday, February 28, 2011

How far does $7.25 go?

The minimum wage in the US is $7.25/hr.  And though the vast majority of workers make above that figure, there still are Americans earning that amount if not maybe a few cents more for every hour of work.   But how far does $7.25 go?   What can you really buy?  Let's see...

* For example purposes, none of $7.25 is taken out in federal/state taxes --

Product or Service                                  Is $7.25 enough?

Gasoline @ $3.40/gal                           Yes - 2.13 gallons of gas

Movie theater ticket/ night                     No - movie costs $7.75+

Movie theater ticket/day                       Yes - costs $5.75+

Book of stamps @ .41 ea.                    No - book/stamps is $8.20

Music CD                                            No - CDs are $7.99+

Case of Beer                                        No - 12 pack is $10.99+

Pack of Cigarettes                               Yes - smokes are $5.75+

75oz of Tide Detergent                         No -  Tide is $8.99+

15 oz box of Wheaties                         Yes - cereal is $3.99

Wheaties & gal. milk                            No - total would be $7.50

2lb chicken br. (uncooked)                   No - total would be $7.98

2lb chicken leg (uncooked)                  Yes - total would be $3.18

6 pack-Bounty paper towels                 No - Bounty is $7.50+

Dinner at a semi-nice restaurant            No - Entrees start @ $8.99
   (Olive Garden, Red Lobster)

Toothbrush, paste & floss                    No - Total would be $7.50+

KFC - 4 piece w. side & soda              No -  Total would be just over

McDonalds Angus meal                       Yes - Total would be $6.59

~  $7.25/hr = $290/week --  $15,080/yr.  Even for unskilled labor, its not enough

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