“About 2 million Americans get a raise Thursday as the federal minimum wage rises 70 cents. The bad news: Higher gas and food prices are swallowing it up, and some small businesses will pass the cost of the wage hike to consumers. The increase, from $5.85 to $6.55 per hour, is the second of three annual increases required by a 2007 law. Next year’s boost will bring the federal minimum to $7.25 an hour.” [editor’s note: Once again, a far more productive (and less destructive) method would have been a “FICA floor” (an income level below which no “contribution” is withdrawn); instead, a lot of teens and other starting-out workers won’t have ANY jobs! - SAT] (07/24/08)