In terms of paying its workers, America still has a ways to go, even though the minimum wage is not quite as low as it formerly was. As of right now, the federal minimum wage remains at $7.25, where it has been since 2009.
However, things seem to be heading in the right direction even in the absence of any recent reforms from the federal government. According to Bloomberg, a plan that would raise the minimum wage to $15 per hour by 2025 was passed by the U.S. House in July 2019. This could result in an increase in the income of 17 million to 27 million minimum wage workers.
Many states and municipalities are deciding to raise their minimum wages in the meantime. Nevertheless, it could not be sufficient to support workers given inflation and the growing cost of living. Check out the significant changes in the minimum wage throughout time.
