The House today approved a measure to raise the federal minimum wage to $7.25 over the next three years. Over 80 Republicans joined the Democratic caucus in favor of the measure, a certain victory for Democratic Congressional control.

But let’s not get ahead of ourselves. $7.25 over three years means that when the wage is finally adopted — in the year 2010 — inflation will have grown to eat most of the buying power of the new wage. In three years time, the $2.10 increase may very well be the equivalent of up to $1 less.

There was a victory today — of this certain. But let’s not overblow it. This raise is long overdue, and by the time it is implemented, we will need to be discussing the next wage increase.