Today the House Appropriations Committee surprised everyone with a 32-27 vote to raise the minimum wage over a three year period from the current $5.15 an hour to $7.25 an hour. See http://www.msnbc.msn.com/id/13302871/ for details.

Unfortunately, Republican leaders have indicated this amendment isn’t going anywhere. They plan to strip it from the bill before it even comes up for a floor vote. Too Bad. With more than 44 million Americans living without health insurance, real wages failing to keep up with inflation, and our savings rate dipping into negative territory now might be a good time to give our lowest paid workers a hand up.

When adjusted for inflation, the minimum wage is lower than at any point since 1956. Yet still, paying hard working Americans just $10,712 a year (assuming a 40 hour work week) is somehow perceived as a threat to our economic well being. Seems to me, in a consumer driven economy having consumers with money in their pocket would be good for the economy.