The New Minimum Wage

 

The current federal minimum wage is $7.25 an hour, but that number could be increasing soon. Last Thursday, the President announced his support of legislation that would increase the federal minimum wage from $7.25 to $10.10. According to the Huffington Post, the “federal minimum wage is actually worth $2 less today than it was in 1968”. As the cost of living goes up, minimum wage follows suit. The last minimum wage increase occurred on July 24, 2009, when minimum wage was increased from $6.55 to $7.25 an hour.

Some states have already begun the process of increasing minimum wage.  New York and Connecticut have approved measures that would increase the minimum wage to $9 an hour and organizers in South Dakota, Massachusetts and Idaho are working to get the same wage increase on their ballots for voting in 2014. California lawmakers have approved an increase of minimum wage to $10, which will take effect by 2016, and New Jersey residents have voted to raise minimum wage to $8.25 an hour. The CNN Money website reports that “as of January, New Jersey will join 19 other states and Washington, D.C., in having minimum wages that exceed the federal level”.

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