Wages have risen fast enough to overcome inflation in recent years. Even so, consumers are still vibing economic ennui.

Erik McGregor/Pacific Press—LightRocket via Getty Images A minimum wage is the lowest wage that a worker may be paid per hour. It's a price floor on hourly wages mandated by federal law.

It is a price floor in wage determination. It is the level below which no labour should be hired. It can be per hour, per week or per month. It is not an efficient wage but who cares about ...