I've obviously heard the term before but it's used very loosely
It's supposed to be a wage that covers basic essentials: food, shelter, clothing, healthcare and "other necessities." This last one is the kicker.
Are cell phones, flat screen tvs, computers, i-pads, bikes, alcohol, ice cream, a trip to the movies, an SUV etc necessities?
Sorry but until it's a lot better defined it's just political jargon to me that is used primarily to misrepresent economic status.
It's similar to lamentations about hunger in America. The statistics are all over the place and misleading to the point where the term "food insecurity" had to be coined to make the discussion somewhat rational.