"President Obama understood the importance of [an increase in the minimum wage] in 2008. The merits of raising the minimum wage haven’t changed since then, but his political courage has. The inflation-adjusted value of the minimum wage has been in decline since the 1960s, losing over 30 percent of its value and leaving hard-working Americans struggling to get by from paycheck to paycheck. At the same time, the cost of living has continued to rise steadily, further eroding the value of a minimum wage. Had the minimum wage kept pace with inflation since 1968, today it would be at $10.57 per hour, instead of the current federal minimum wage of $7.25."