About two million of America's workers will get a pay raise today as Congress implements the second of three planned minimum wage increases. The new minimum wage will be set nationally at $6.55 in accordance with the Fair Minimum Wage Act of 2007, an increase of 70 cents. While sponsors of the bill hope the increase will ease the burden on the nation's working class, many economists point out that the pay hike may be cancelled out by cost of living increases such as gas and food, and that business may pass the additional wage expense back to consumers, further limiting workers' ability to rise above the poverty line.
See "Minimum wage hike kicks in", Ben Rooney, CNN Money, July 23, 2008