Starting today, the Federal minimum wage will go up $.70 an hour, or for a 40 hour work week, a paycheck will go up a whopping $28. However, with the price of gas, food, and just about anything else you can think of going up too, it’s not going to make much of a difference:
The increase, from $5.85 to $6.55 per hour, is the second of three annual increases required by a 2007 law. Next year’s boost will bring the federal minimum to $7.25 an hour. The new minimum is less than the inflation-adjusted 1997 level of $7.02, and far below the inflation-adjusted level of $10.06 from 40 years ago, according to a Labor Department inflation calculator.
Seriously, $.70 an hour? What exactly is that supposed to do for someone making that kind of money? Nothing, really. California had a minimum wage of something like $8.75 if I remember correctly, which, while is still low, at least seems a little more decent than $6.55. That extra $28 a week should go a long way to…um…add a few extra gallons of gas to your car.