• The $7.25 federal minimum wage is now 13 years old after last being raised in July 2009.
• The value of the minimum wage has fallen by 40% since the 1960s, according to an economist.
• $7.25 in July 2009 would be worth around $10 now after adjusting for inflation.

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There comes a time when someone — or something — undergoes a big transition: Becoming a teenager.

For humans, it's often a time of celebration and change. But for policy, it means things haven't changed in along time. And it's a milestone the $7.25 federal minimum wage just reached.

The last time it was raised was when Joe Biden was vice president. Now, despite Biden's own pledge to get the wage to $15, and a dashed Democratic effort to do just that, today marks the 13th anniversary of the $7.25 minimum wage.

"It is very frustrating to me that Congress and many state legislatures — but not all — have effectively abandoned their commitment to paying decent wages," Ben Zipperer, an economist specializing in the minimum wage and low-wage labor markets at the left-leaning Economic Policy Institute, told Insider.

The stagnant minimum wage is the result of Congressional inaction, gridlock, and disagreement....

Read Full Story: https://www.businessinsider.com/current-federal-minimum-wage-is-13-years-old-...