CNN: What the Fed and Madonna have in common

By Nicole Goodkind, CNN Business
CNN, July 24, 2022

...  July 24 marks 13 years since the last time the US federal minimum wage was raised, to $7.25 an hour. It's also the longest period without a raise since the federal minimum wage was enacted in 1938.

Even as historically high inflation rates have eroded the strength of US paychecks and headlines focus on the tight labor market, that $7.25 rate, which amounts to $15,080 a year for full-time work, remains firmly intact.

"Every day without a raise is another day the minimum wage falls further behind the cost of living," said Holly Sklar, CEO of Business for a Fair Minimum Wage. ...

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