Raising the minimum wage right now is more important than ever. Minimum wage increases stimulate the economy by increasing consumer spending, without adding to state and federal budget deficits.
The current federal minimum wage is $7.25 per hour, but the value of the minimum wage has fallen sharply over the past forty years. In 1968, for example, the federal minimum wage was $1.60 per hour, which translates to approximately $10.27 in 2011 dollars.
However, it is also important to put into place a law that requires state governments to index the minimum wage value. Indexing the minimum wage means adjusting it automatically each year to keep pace with the rising cost of living.
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