The debate is on–Ted Kennedy has moved to raise the minimum wage from it’s pathetic $5.15 to $7.25 in three steps over the next two years.

The Economic Policy Institute and the Center on Budget and Policy Priorities put out a report in light of the debate. What jumped out at me right off the bat were these facts:

The lack of action on the minimum wage has led to a dramatic erosion in its value:

• The minimum wage now equals only 31% of the average wage for private sector,
nonsupervisory workers. This is the lowest share since at least the end of World War II.

• Since September 1997, the purchasing power of the minimum wage has deteriorated by 25%.
After adjusting for inflation, the value of the minimum wage is at its lowest level since 1955.

That’s pretty shocking. da