"Over the past several years, the cost of living in New York - like nearly everywhere else - has gone up, but the minimum wage has remained unchanged. Eighteen other states - including neighboring Connecticut, Massachusetts and Vermont - have raised their minimum wages above the federal minimum of $7.25 an hour. An increased minimum wage will incentivize and reward hard work, and put much-needed cash in the pockets of many New Yorkers, who will spend it in local businesses. It's time to raise the minimum wage, and Speaker Silver deserves real credit for championing this issue."