Governor Rod Blagojevich signed a minimum wage increase into law that will raise minimum wage to $7.50 per hour starting July 1, 2007. The minimum wage will then be increased three times by one quarter each, growing to $8.25 per hour in 2010. Democrats have pledged to increase the federal minimum wage next year. Currently, 29 states have minimum wage laws that require payment of more than the federally mandated $5.15 per hour.
International Herald Tribune
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If people are still willing to work for $5.25/hour, why raise the minimum wage? Wouldn't this simply raise overhead and, in effect, prices? With higher prices, the state economy simply shifts to a higher cost of living.
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