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How to Budget When You’re Broke

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How to Budget When You’re Broke

It takes commitment and time, but you can learn to manage your money even when there's not much of it. Follow these steps to set up a budget if you're broke.

We've discussed how to create a basic, real-world budget, but that advice often doesn't apply when you're struggling to make ends meet. The basic ideas are the same, but your breakdown of spending is probably going to look a bit different, and everyone's situation is going to be unique to them. So here's what you need to do to get back on track.

Is there an economic case for a $20 minimum wage?

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Is there an economic case for a $20 minimum wage?

The problem is that federal law sets the minimum wage in nominal dollars; it doesn't automatically increase with inflation, productivity, or anything else. In more recent decades, Congress has badly slacked off about raising it, and today's minimum wage is actually lower than 1968's once you adjust for inflation. In fact, if Congress had kept step with productivity growth, the minimum wage would've been $18.42 in 2014. And that's according to a conservative measure of productivity growth. By other productivity measures, the minimum wage should be $22.49 by 2024.