In the United States, one must generally be paid at least $7 per hour for work (in New York the minimum is $7.15 and in California it's $7.50). That means a full time job must result in wage of roughly $1,100 per month.

The Russian Duma has recently passed a bill raising their minimum wage substantially. In May, the minimum wage will rise from 1,100 rubles per month to 1,400. By September, it is supposed to reach 2,300 rubles.

1,400 rubles translates to $55 and 2,300 equals roughly $90 per month. In other words, by September of this year, if they're lucky and the government actually follows through on this measure, Russian minium wage earners will be able to expect about $25 per week or $5 per workday or $0.60 per hour. That's a dream come true, because right now they are getting $0.25 per hour.

In other words, once the Duma's radical increase of Russia's minimum wage takes effect, an American minimum wage worker will earn more income in a lucky 13 hours than a Russian minimum wage earner will take home in a whole month of 160 hours. The American minimum wage is more than ten times higher than Russia's. So much for the idea that all that oil income is turning Russia into a prosperous nation.