It has now been over 7 years since Congress last raised the minimum wage to its current level of $5.15 per hour. Since that last increase, Congress's failure to adjust the wage for inflation has reduced the purchasing power of the minimum wage to record low levels.
The minimum wage in the United States has not been increased since 2009, resulting in a significant decrease in its purchasing power over time.
The quote highlights the issue of stagnant wages and its impact on the economy and individuals.
The quote mentions that it has been over 7 years since the last increase, which is a significant amount of time considering the rate of inflation.
Jon Corzine is a former Senator and Governor of New Jersey, known for his advocacy on economic issues.
The issue of stagnant wages has practical implications for individuals, such as reduced purchasing power and increased financial stress.
Some critics argue that raising the minimum wage could lead to job losses, while others argue that it is necessary to address income inequality.