The federal minimum wage jumps today from 6.55 dollars to 7.25 dollars an hour. Congress passed a law mandating the increase 2 years ago. But economists can't agree on whether this will help or hurt an economy in the midst of a recession. Here's more from NPR's David Green.

Many economists are describing this minimum wage increase as a mini economic stimulus package. Eileen Appelbaum, Rutgers University, says this is perfect timing to pay low wage workers more.

"They will go out and spend their money. And that will increase consumption, and that will certainly help the economy get back on track."

That's not how Richard Burkhauser sees it. The Cornell University economist says the increase will strain struggling businesses, forcing some to actually cut low-wage jobs. In other words, Burkhauser says, a higher minimum wage might hurt low-skilled workers more than it helps them.

"It just doesn't do what its advocates claim it does. It's an old policy and old solution."

For today, at least around 5 million Americans who make less than 7.25 an hour are in line for a raise.