The Senate is currently in intense debate regarding raising the federal minimum wage. Several potential wages have been proposed, including a $10/hour plan from Senators Romney and Cotton and a more generous $15/hour plan from the progressive Democrats. Right now the current federal minimum wage stands at $7.25 per hour, which 21 states (including my notably Blue home state of Virginia) adhere to. While the debate rages on, I wanted to take a closer look at the history of the minimum wage, the concept of a "living wage", and how these two terms invariably tie together across the United States. More importantly, at some point, there are diminishing returns and increasing costs to increasing the minimum wage. So where should we settle? The History of the Minimum Wage This isn't a history blog, so I'll be brief. The minimum wage was established under the Fair Labor Standards Act in 1938 and set at $0.25/hour, which is worth around $4.60/hour today. Since then, it has ...