The federal minimum wage was last updated to $7.25 in 2009. Is this enough money to live on? According to a new study from the University of California Berkeley Labor Center, federal and state taxes are currently subsidizing the wages of low-wage employees to the tune of 153 billion a year. Is this fair? Should the law be changed? Or is it true that the minimum wage should be abolished/lowered for infringing on individuals right to contract and for causing higher unemployment?