*cough cough*
And honestly, if you make minimum wage, I don't think the failing economy is going to hurt you that much. If you were making $7 two years ago at Burger King, chances are, you're still making $7 at Burger King now.
$7.25 next July.
The main thing that pissed me off about the article is that someone who works hard to try and get a raise is being told "You shouldn't ask for/take a raise this year to help the economy" and yet the government just gave people who don't do anything to try and improve their situation 2 70 cent raises and another 70 cents in 11 months. If getting raises is going to hurt the economy so much, why don't they put that last 70 cent minimum wage increase on hold?
As an economics student, let me take a guess on this question:
The minimum wage is a government mandated wage. The market doesn't control it. Bernanke is concerned with market wages, which have the potential to spiral upward if several industries receive wage rises (one job sector sees another job sector getting a wage increase, so now they want a wage rise too, etc). This scenario cannot happen to a minimum wage, which is fixed at the will of the government and is not susceptible to market forces.