"Working-class Americans have waited too long, close to a decade in fact, for an increase in the minimum wage. This has been the second longest period without a pay raise since the Federal minimum wage law was first enacted in 1938"

Bill Pascrell's declaration highlights an important problem surrounding the stagnation of the federal base pay in the United States, emphasizing the socioeconomic effect on working-class Americans. The mention of a nearly decade-long wait on a raise in the base pay highlights the urgency and frustration among low-wage employees who are having a hard time to make ends fulfill in an economy where the expense of living continues to rise.

Pascrell's reference to this being the "2nd longest period without a pay raise" considering that the creation of the federal minimum wage in 1938 is likewise substantial. It highlights a historic context, suggesting that there have actually been previous instances of extended inactiveness, however this one ranks particularly high in terms of period. This contrast serves to illustrate the seriousness of the present situation and may be meant to trigger policymakers to reevaluate their stance on this problem.

Additionally, Pascrell's focus on "working-class Americans" shifts the discussion from abstract financial policy discussions to the real-world impact on people's lives. The working class is often the foundation of the economy, supplying important services throughout different sectors, yet they are regularly the ones most affected by economic disparity and wage stagnation.

The call for an increase in the federal base pay is not almost improving the monetary situations of these employees but also about making sure a more equitable circulation of wealth in society. By accentuating this problem, Pascrell is advocating for a policy modification that could potentially raise countless Americans out of hardship and minimize financial inequality.

In summary, Pascrell's statement is a poignant tip of the seriousness to resolve wage stagnation and the broader ramifications it has for financial justice. By framing the problem with historic and social viewpoints, it intends to motivate policymakers and the public to support efforts in increasing the federal base pay for the betterment of the working class and society as a whole.