Why the minimum wage isn't $15/hr.
In 2014, 1.3 million people in the USA made the Federally mandated minimum wage, $7.25/hr. (Source: http://www.bls.gov/opub/reports/minimum-wage/archive/characteristics-of-minimum-wage-workers-2014.pdf
) So, if the pay of those 1.3 million people were raised to $15/hr, that would cost $10,075,000, or a little over $10 Million per hour
. Yes, I said that right, it's not a misprint. Or, taken another way, it would cost $20,150,000,000 per year
. (In case you're confused by all those zeros, that's over $20 Billion dollars per year!
)That's why the minimum wage isn't $15/hr.