If the 1968 federal minimum wage had kept pace with inflation it would be $10.75 today. But it is only $7.25, an amount so low that many full-time workers need government assistance such as food stamps, Medicare, etc., just to get by.
There is a bill before Congress and endorsed by President Obama that will raise the minimum wage to $10.10 an hours and “index” it to inflation in the future. That means the wage will increase as inflation increases so it never falls behind again. Meanwhile there are reports that President Obama is considering using executive action to raise the minimum wage for employees of federal contractors.
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