Russ Feingold: “I speak today in support of passage of H.R. 2, the Fair Minimum Wage Act of 2007. The Federal minimum wage has not been…”

“I speak today in support of passage of H.R. 2, the Fair Minimum Wage Act of 2007. The Federal minimum wage has not been increased in almost 10 years and an increase is long overdue. I have been a strong supporter of an increase in the Federal minimum wage for many years and I am delighted the Senate is finally about to vote for an increase in the Federal minimum wage. This much-needed increase is projected to benefit close to 13 million Americans either with a direct increase in their minimum wage or indirectly by promoting higher wages for other working Americans earning more than the minimum wage. This increase is sorely needed because the current minimum wage cannot adequately support workers as its value has eroded significantly since the last increase in 1997. Furthermore, the Center on Budget and Policy Priorities notes that after adjusting for inflation, the value of the minimum wage is at its lowest level since 1955. As the costs of housing, health care, energy, and education continue to skyrocket, we must raise the minimum wage to provide millions of hard-working Americans the respect and dignity their work demands. More and more of these working Americans find themselves mired in poverty or living on the cusp of poverty. Right now, there are 37 million Americans living in poverty, including 13 million children. Since the 1970s, poverty has increased by 50 percent for full-time, year-round workers.”