higher-minimum-wage-coming-soon.html: Personal Finance News from Yahoo! FinanceThe federal minimum wage is set to increase later this month as the job market shows signs of further decay.
The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the U.S. Department of Labor.
24 of 50 states will be affected with the most extreme case being Kansas going from a current minimum wage of $2.65 to $7.25 on Jan 1, 2010.
Can the job market and our economy handle this increase? Will this increase consumer spending by giving more money into the pockets of teenagers, and poverty and borderline poverty level adults?