The High Cost of the American Dream: Can We Afford It Anymore?
The High Cost of the American Dream: Can We Afford It Anymore? A while back, I tweeted about the minimum wage, which led me down a rabbit hole of research and reflection. What started as a simple question turned into a deep dive into the financial realities many Americans face today. I realized that the so-called "American Dream" might be more of a luxury than a standard aspiration. 💰 Minimum Wage vs. Cost of Living Let’s start with the basics. The federal minimum wage is still stuck at $7.25 an hour . If you work full-time (40 hours a week), here’s what that really gets you: Monthly Income: $1,160 Annual Income: $13,920 Now compare that to the 2024 federal poverty line , which is $14,580 for a single adult. Translation? Working full-time at minimum wage still leaves you officially in poverty . Okay, but some states pay more, right? Sure. Here's a quick look: State Minimum Wage Monthly Income Annual Income Califo...