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While Congress Did Nothing, Minimum Wage Fell Another 3 Cents in May 2014

When the U.S. Congress does nothing about the minimum wage, it cuts the minimum wage.

That statement may seem paradoxical, but it isn’t if you keep in mind the difference between nominal wages and real wages. The word “nominal” is just an adjective used to mean “the name of something,” and so a “nominal dollar” […]