Employee rights activists Mary Kay Henry and Christine L. Owens write for CNN:
Tuesday marked the third anniversary of the last increase in the federal minimum wage. For the last three years, while the prices of gas and milk have risen steadily and the richest 1% have enjoyed huge tax breaks, the federal minimum wage has remained frozen at $7.25 an hour, which amounts to just $15,080 a year -- as long as you get paid for any time you take off. That's more than $7,000 below the federal poverty line for a family of four. As a result, the purchasing power of the minimum wage has slowly eroded -- in just three years, its real value has sunk to $6.77 per hour, a nearly 50-cent drop.
The Bush tax cuts, which are simply the perquisite of the moment for the 1%, allow for the richest to prosper at the expense of middle-class and low-income workers. While CEOs make millions and their corporations make billions as part of a so-called economic recovery, the majority of Americans are struggling to make ends meet. This struggle is exacerbated by the low federal minimum wage. As middle-class jobs are increasingly replaced by low-wage work, however, this is the economic reality for a growing number of Americans.
Read more of their op-ed here