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7.26 is technically more than 7.25. Further, a low floor acts as a weight, depressing wages generally.

"Raising the federal minimum wage to $15 by 2025 would lift wages for over 33 million workers": https://www.epi.org/publication/minimum-wage-15-by-2025/

(For the record, 33 million is ~6 million more than the population of Australia)

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A federal-level minimum wage doesn't make sense, precisely because what is considered minimum wage in LA isn't the same as what's considered minimum wage in rural Louisiana, and vice-versa. The fact that 98.9% of workers manage to receive more than the minimum wage strongly suggests the market forces have done a pretty good job of determining what a viable minimum wage for various parts of the US is (including apparently parts where $7.25/hour works).

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