The federal minimum wage currently stands at $7.25/hour. That's $15,000/year. Which is not enough to live on. If the rate had kept pace with inflation over the past 40 years it would stand at $10.58 today--a living wage. That might help to explain why 46 million Americans live in poverty today. Despite President Obama's promise to raise the minimum wage, it has not increased since 2007.
Not only would a higher minimum wage benefit the poor it helps the economy. Increasing incomes for working people means more disposal income. That translates into greater consumption. This in turn leads to economic growth.
Corporate CEOs have seen their incomes skyrocket over the past few decades. It's time their hard working employees got a raise as well.