This data brief argues that the federal minimum wage has seemingly lost its power to lift workers out of poverty and into a decent standard of living. To fill this federal-level gap, New York State (NYS) has taken noteworthy measures to raise its statewide minimum wage on multiple occasions over the past two decades, to the point where NYS currently has one of the highest wage floors in the nation. Despite this progress, however, existing minimum wages in NYS have failed to keep pace with fast-rising costs of living. On that backdrop, this brief leverages data from the Cornell ILR Wage Atlas to estimate the potential impacts of the “Raise the Wage Act” that is currently under consideration in the NYS Legislature. The Raise the Wage Act proposes to, first, increase the wage to a level that better reflects recent patterns of inflation and economic productivity; and, second, to index that higher wage to inflation and economic productivity moving forward, so that annual increases will ensure that minimum wage workers either keep their existing purchasing power or see that power grow with productivity. By examining the expected impacts of various potential minimum wage targets under the Raise the Wage Act on aggregate earnings, the authors conclude that the legislation – and, more directly, the productivity-adjusted minimum wage that the legislation aims to impose – has the potential to substantially increase the amount of disposable income, consumer spending, and, consequently, jobs throughout the State of New York.