Minimum wage workers are no longer kids flipping burgers in the summer for some spending money. These are people trying to live. Many of them are trying to support themselves and their families, and they can't do it on $7.25 an hour.
Today, the federal minimum wage stands at $7.25 per hour. Had it simply kept pace with inflation since 1968, it would be about $10.70 per hour, which amounts to nearly $300,000 in lost wages. So where did the billions of lost wages go?
While giving a raise worth more than $3,000 a year to the country's lowest paid workers is definitely a good thing, it is hard to get too excited about a situation in which these workers will still be earning less than their counterparts did almost 50 years ago.