The New York state legislature is considering a bill to raise the state's minimum wage to $8.50 an hour. The current minimum wage in New York is $7.25 per hour, which, at a standard 2000 hours per year, works out to a pre-tax income of $14,500.

So what's a fair minimum wage? Consider living on any of these salaries while raising a family in New York City.

$8.00/ hr= $16,000 annually
$8.50/ hr= $17,000 annually
$9.00/ hr= $18,000 annually
$10.00/ hr= $20,000 annually
$15.00/hr= $30,000 annually

Even $15 an hour would leave a young, single person with no kids relatively poor in New York City. We're still trying to get to $8.50 an hour. Socialism is destroying the free market, again.

[NYT. Photo: AP]