The national wage floor is so low that it might as well not exist.

Do you want to know the good news about the minimum wage? In most parts of the country, it is practically irrelevant.

The last federal minimum wage increase went into effect on July 24, 2009, raising it from $6.55 an hour to $7.25. We have experienced nearly 50 percent inflation since then, yet the minimum wage has stayed the same. Even in 2009, only 4.9 percent of workers were actually paid $7.25 an hour, and that number has dropped to 1.1 percent today. This is good news: It means that the minimum wage is so low relative to the median wage that it is causing few economic distortions. 

Many states have their own minimum wage laws, and some of those are high—Washington, D.C., is at $17.90 an hour, Connecticut is at $16.94, and California is at $16.50. Then there are roughly 20 states with no minimum wage law at all, many of which are experiencing strong economic growth and in-migration. This is unsurprising because low minimum wages reflect a broader preference for economic freedom. By contrast, in D.C., Connecticut, California, and other states, high minimum wage increases have predictably decreased employment and forced firms to relocate, especially in the fast food industry.

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