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The minimum wage in the United States is no longer a living wage. At $7.25, the federal minimum hasnât kept up with the cost of living since the late 60s, and thereâs a growing movement among workers, policy analysts, state and city governments â and even some employers â to raise it.
Basic calculations. The current federal minimum wage is $7.25 per hour. A full-time minimum wage employee earns $15,080 annually. In 2012, the poverty threshold for a single person was $11,945. For a family of four with two children it was $22,283.Since it was first instituted in 1938, the federal minimum wage has established a floor for wages.hile not every worker is eligible, it provides a minimum of earnings for the lowest-paid workers. Many states and even municipalities have their own minimum wages, including twenty that have rates higher than the federal minimum wage. 1  The current federal minimum wage is $7.25 per hour.