The Minimum Wage in Illinois
Increase or stay the same?
The Age Old Debate
The Argument for an Increase
Another interesting statistic that points towards an increase is that the federal minimum wage in 1968 was worth $10.56 in today's dollars, while the federal minimum wage today is $7.25.
The Argument to Remain the Same
Although arguments like that don't add up, experts and economists have estimated some disastrous effects of a minimum wage increase. Barack Obama's proposed increase of the federal minimum wage to $10.10 may come at these costs: a loss of 500,000 American jobs, higher consumer prices, and experienced workers keeping low-wage jobs longer which will prevent young people, less skilled people, and people with little experience from receiving entry-level jobs.