Wednesday, June 28, 2006

Economic Record: Federal minimum wage set to break two records

Economic Report:

The federal minimum wage is gearing up to celebrate two new records. According to the Economic Policy Institute the minimum wage when adjusted for inflation is at its lowest level since 1955. The wage now stands 31 percent of the average hourly wage of nonsupervisory workers and has lost 25 percent of its value since 1997. With Congress voting down an increase last week, it looks like another record will be set when 2006 comes to an end - it will mark 10 years - the longest time the minimum has gone without an increase.

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