In 2008, Barack Obama pledged to raise the minimum wage every year once elected, but the hourly rate of $7.25 hasn't increased since 2007. Low-wage workers now make far less than they did four decades ago. Last week Illinois Democratic Rep. Jesse Jackson Jr. introduced The Catching Up to 1968 Act of 2012. It draws its name from the idea that the federal minimum wage would be $10.55 an hour now if it had kept up with inflation over the past 40 years. While the bill has about 20 co-sponsors so far President Obama has yet to endorse it. We speak to longtime consumer advocate and former presidential candidate Ralph Nader.