Since 2007, the nation has seen two huge increases in the federal minimum wage bringing it to a standard of $6.55 an hour. We are to see yet another increase in the minimum wage. it will rise to $7.25 an hour. This is a wage increase demanded and deserved of American workers. Is the increase going to be enough to bring any comfort to struggling families? Is this increase coming at the right time to do anything constructive to improve the nation's faltering economy?
There are various economic skeptics who are against the wage increase as it stands now. It is hard enough for the unemployed, elderly, and teens in the job markets that they pursue. Employers will become even more selective in their hiring processes as this minimum wage increase goes into effect. Will this increase have any effect on current unemployment rates?
Along with this new increase comes the hope of bigger retail sales by thriving businesses. Will it help or hurt them? And what about health care? Will employers change their current health care plans to make up for any financial losses? And what about the many American workers who need a little extra push through the recession? The new minimum wage is $7.25. It may not seem like much, but it is nothing to be scoffed at. This is a good place for the nation to begin buiding the upward climb that we need.