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The Federal Minimum Wage is set to increase 70 cents today bringing the mandated hourly pay rate to a whopping $6.55 per hour. Today’s minimum wage raise is the second of three annual increases set forth by Congress after a decade of no such action. With the U.S. economy in a fragile state, diverging views are emerging over the pay raise. The Employment Policy Institute released data that they say shows a wage increase now will cause job losses for vulnerable groups such as teenagers and adults without a high school diploma.