Minimum wage increases heat up the competition for hourly workers

It's no news to most anyone with experience in federal wage and hour laws that they tend to lag far behind the times. The federal minimum wage—which has stood at $7.25 going on 10 years now—certainly falls into that category. According to the Bureau of Labor Statistics' CPI Inflation Calculator, today's equivalent of the 1978 minimum wage (which was $2.65) would be $10.72. According to the nonpartisan Pew Research Center, if the rate had risen at an appropriate pace since 1968, it would be close to $20.

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