It's official, people: the President supports increasing the federal minimum wage to $10.10 per hour from its current $7.25. Such a move would drastically alter the lives of the country's working poor.
On Thursday, President Barack Obama announced his support for legislation introduced by two Democratic senators that, if passed, would mark the first significant increase to the federal minimum wage in more than four years. Obama's statements showed that he's ready to go farther than his February proposal to push the minimum wage to $9, which many criticized as not a significant enough boost.
A leap to $10.10, however, could be enough to push a large number of the working poor -- a group defined by the Bureau of Labor Statistics as those who fall below the poverty line despite working (or searching for work) at least 27 weeks per year -- out of poverty.