Did you know that the federal minimum wage has been stagnant at $7.25 per hour for the past 15 years? This lack of increase has left many workers struggling to make ends meet, especially in states where the minimum wage remains at the federal level.

While some states have taken the initiative to raise their minimum hourly pay rates above the federal minimum, there are still 20 states where the wage remains at $7.25. This disparity highlights the need for federal action to address the issue of stagnant wages.

In recent years, there have been efforts to raise the federal minimum wage to $15 per hour. However, these attempts have faced challenges, with concerns raised about the potential impact on small businesses. While some small business owners support the wage increase, others worry about the financial strain it could place on their operations.

It’s important to consider the connection between a higher minimum wage and increased consumer buying power. When workers earn more, they are more likely to spend that money, which can benefit businesses and the overall economy.

Raising the federal minimum wage to $15 per hour could have a significant impact on millions of workers, increasing their incomes and providing a sense of economic security. While there may be concerns about potential job losses, research suggests that higher wages can actually help businesses attract and retain talent.

At Extreme Investor Network, we believe in supporting efforts to raise the minimum wage and advocating for policies that promote financial well-being for all individuals. Stay tuned for more insights and expert analysis on personal finance topics to help you navigate your financial journey with confidence.