In some U.S. states, workers bring home just $5.15 for each hour of hard work bussing tables, stocking store shelves, and flipping burgers. And as more companies boast record profits and trillion-dollar market caps, tens of millions of Americans living below the poverty line are questioning if they’ll ever get in on the success. Billionaire entrepreneur Mark Cuban says raising hourly rates is one step forward that’s long overdue.
“I’ve said before I think raising the federal minimum wage to $20 is smart,” Cuban said in an X post published last month.
There isn’t a single state in the U.S. that has set a standard hourly wage at that high.
The federal minimum currently rests at $7.25 an hour. That adds up to just $15,080 a year, based on a standard 40-hour workweek—less than a third of the average American’s salary of around $60,000 yearly. And as the cost-of-living crisis chews up measly wages, over 40 million Americans have to turn to food stamps to make ends meet.
The Shark Tank investing star said it’s mortifying to not pay workers a livable wage; he’s focused on bringing talent into newfound wealth.
