The federal minimum wage hasn’t budged since 2009. Meanwhile, rent has gone up, groceries have gone up, everything has gone up. A full-time worker at $7.25 an hour can’t make ends meet anywhere, the argument goes, and certainly not in any major city. It’s a damning comparison, and it gets made constantly. Before accepting it at face value, though, it’s worth asking: who exactly is earning the federal minimum wage? According to the Bureau of Labor Statistics, the answer is almost nobody. In 2024, workers earning at or below the federal minimum represented exactly 1 percent of hourly workers, down …
Wages Are Prices, Too