How 15 years of stagnant federal minimum wage affects hourly workers

The federal minimum wage has basically become an outdated relic: It last went up to $7.25 on July 24, 2009 — 15 years ago.

Why it matters: Though very few people actually earn $7.25 an hour or less, the federal standard has ripple effects for all hourly workers — helping to keep pay low for millions.

The big picture: Look at the chart. In inflation-adjusted terms, the federal minimum wage is worth less now than at any time since 1949.

Still, workers have managed to get raises without the federal standard moving. In recent years...