Thursday’s federal minimum wage increase will do little to increase the quality of living in many states. Jesse Russell takes a look at New York.

The federal minimum wage will rise to $6.55 per hour on Thursday, but the Fiscal Policy Institute says New Yorkers will see little benefit. In a report titled Restoring the Purchasing Power of New York State's Minimum Wage, the nonpartisan organization finds that inflation has eroded the state's minimum wage purchasing power so it is now 16 percent below what it was in 1970. 283,000 New Yorkers are currently paid the minimum and 77 percent are over the age of 20.