The good news:(AP) About 2 million Americans get a raise Thursday (July 24, 2008) 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.
Future news: This increase, from $5.85 to $6.55 per hour, is the second of three annual increases required by the 2007 law. Next year's boost will bring the federal minimum to $7.25 an hour.
Danz View: By then [likely?] is that we'll see $200 / bbl for oil and $7.00 / gal for gas. Plus, GM, Ford and other U.S. car makers will still be longing to catch the Japanese by 2012 with fuel-economy cars ...