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How 15 years of stagnant federal minimum wage affects hourly workers
The federal minimum wage has basically become an outdated relic: It last went up to $7.25 on July 24, 2009 — 15 years ago.
Why it matters: Though very few people actually earn $7.25 an hour or less, the federal standard has ripple effects for all hourly workers — helping to keep pay low for millions.
The big picture: Look at the chart. In inflation-adjusted terms, the federal minimum wage is worth less now than at any time since 1949.
Still, workers have...
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