On Thursday, nearly two million Americans got a raise as the federal minimum wage went up to 70 cents an hour.The raise,which went from $5.85 to $ 6.55, is the second of three annual increases required by a 2007 law.

The bad news may be that higher gas and food prices will likely swallow up that extra cash.The price of food is up now more than five percent. It is important to note that South Carolina does not have a state minimum wage so for those subject to federal law the hike with have an impact.

Also, next year another hike will bring the federal minimum wage to $7.25 an hour.

Many say they welcome the raise but they'll still struggle to make ends meet. Click here to watch a video on what some workers had to say.