Only about 2% of hourly paid workers earned federal minimum wage or less in 2018 in the US [1]. This percentage has been dropping over the past few decades. I think this implies that minimum wage has been calibrated to be low enough that it makes little difference overall.

[1] https://www.bls.gov/opub/reports/minimum-wage/2018/home.htm

That's misleading because the federal minimum wage is lower than more than half of state minimum wages.

Right, because the federal minimum wage is calibrated to be low enough that it doesn't make much difference.

In Texas, where the state minimum wage is the federal minimum wage, there are still only about 3% of hourly workers earning minimum wage or less.

Large corporations are making bigger profits than ever and the minimum wage isn't being calibrated to actually ensure a decent standard of living.