EPI has released a statement signed by over 650 economists calling for an increase in the federal minimum wage. As economists who are concerned about the problems facing low-wage workers, we believe the Fair Minimum Wage Act of 2005’s proposed phased-in increase in the federal minimum wage to $7.25 falls well within the range of options where the benefits to the labor market, workers, and the overall economy would be positive. Twenty-two states and the District of Columbia have set their minimum wages above the federal level. Arizona, Colorado, Missouri, Montana, Nevada and Ohio, are considering similar measures. As with a federal increase, modest increases in state minimum wages in the range of $1.00 to $2.50 and indexing to protect against inflation can significantly improve the lives of low-income workers and their families, without the adverse effects that critics have claimed. Included in the list of cosigners are five Nobel laureates in Economics - Kenneth Arrow, Lawrence Klein, Robert Solow, Clive Granger, and Joseph Stiglitz Read the statement here.