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Did you know that the last time the federal minimum wage increased was July 24, 2009?
The Obama-era policy hiked minimum wage at the federal level up from $6.55 an hour, to $7.25, according to NPR. That figure has remained unchanged ever since, marking the longest stretch without an increase since 1938. At the same time, the value of the U.S. dollar has decreased significantly, particularly in recent years due to unmitigated inflation.
An estimated 869,000 workers earned the federal minimum wage in 2023, more than two-thirds of whom were women, NPR stated. In many cases, workers actually earn less than the federal minimum wage because there are exceptions within the way the law is written. (TAKE A POLL: Do You Feel Your Community is Supportive and Inclusive?)
States Can Make A Difference
Many states have opted to increase their minimum wage to keep-up with inflation and the cost of living. Though this sounds like a positive change, there are issues with sudden increases in minimum wage. For example, many smaller, family owned businesses can’t afford to pay upwards of $20 per hour for employees, so are forced to either slow down their operations or shutter altogether.
President Joe Biden also increased the federal minimum wage in 2022, but only for 70,000 of the more than 800,000 workers and 300,000 contractors. (POLL: Would You Support Tax Breaks For Individuals Using Public Transportation?)
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