In our country today, 40% of earners make $20K or less a year. What’s even more shocking is that 40% of earners actually make less than the 1968 minimum wage!
In Portland Maine, for example, the poverty wage for 1 adult with 2 children is $9 per hour. The state’s minimum wage is $10 and the living wage is estimated to be at approximately $29 per hour. The Personal Care and Service industries in Maine, which represents a large part of unskilled employment, is at or below the poverty level at an average of $23,288 annual income for an adult with 2 children. The required annual income for this demographic is estimated to be $59,101 before taxes.
Maine is not alone. Almost every area of the United States shows that workers are earning well below what is considered a livable wage.
Creating a Livable Wage with Vested Economics
In a vested economy, everyone earns a livable wage. No one is left behind. No one is underpaid.
The technical explanation is that a vested economy is one in which the market surplus is distributed to the individual laborers who produce the surplus through an equitable process. Individuals become vested by successfully completing one or more requirements. For example, someone can be vested by completing an educational requirement or serving in the military.
The non-technical explanation is that vested economics provides a metaphorical sponge for absorbing an economy’s excess supply of goods and services and a distribution mechanism called National Vesting for apportioning that excess back to its producers in an equitable manner. In other words, no one has to earn a poverty wage ever again.