Using the formula that was created by the government when minimum wage was created the current wage SHOULD be at least $7.12. This is not including the lack of increases during the 1980's. When the system was created, it was intended to be increased each year in order to keep up with the base rate of inflation (3%). There are other factors to be taken into account that are likely to raise it even more, but I'll stick with this for a base projection. According to this formula the wage in 2007 should be $7.33 and in 2008 $7.55.
This should not be a partisan issue. This system was set up more than half a decade ago, and was intended to keep a family with one working parent above the poverty line. Period. NOT set up to help the teenager working at the local fast food joint in clothes of choice, but to help WORKING FAMILIES. At the current rate of minumum wage, with TWO working parents, the income for a four person family is only $1424 above the poverty line. With just the minimum 3% increase over a period of 10 years, that level should be $9619.20 above the poverty line (with two working parents and a four member household).
There is your basic economics....