Federal Minimum Wage Vs Inflation Chart, Everything You Need To Know About The Minimum Wage Vox
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Workers earning the 725 federal minimum wage 10 years ago were being paid the inflation adjusted equivalent of 870 an hour in this years dollars.
What is minimum wage cardiff. Productivity and average wages have grown much faster than minimum wage which has left low wage workers behind. The cpi index stood at 215351 in july of 2009. When president franklin d.
Congress and your states legislature. The latest reading for june 2018 is 251989. Figure a shows the real inflation adjusted value of the minimum wage since it was established.
The figure shows that the real value of the federal minimum wage has dropped 17 since 2009 and 31 since 1968. Minimum wage is determined both by the us. The minimum wage from each year 1 was combined with the price inflation to adjust the values to 2013 dollars.
The federal minimum wage was last increased effective july 24 th 2009. This chart uses the data from the department of labor and the inflation calculator from the bureau of labor statistics. If the minimum wage were indexed to inflation the minimum wage would now stand at 848.
But federal policymakers have neglected to increase the federal minimum wage to keep up with inflation and it is 725 per hour today. Adjusted for inflation that would be worth about 445 today. The index has increased 36638 points since the last minimum wage increase or about 17.
Roosevelt signed americas first federal minimum wage into law in 1938 it was 25 cents per hour. The real value of minimum wage peaked in 1968 at 990 adjusted for inflation. The inbalance of wages and inflation.
So what is the minimum wage when compared to the days of old and adjusted for inflation. The chart of the day shows that after adjusting for inflation the federal minimum wage dropped 20 percent from 1967 to 2010 even as the nominal figure climbed to 725 an hour from 140 a 418. The federal minimum wage is worth 17 less than it was 10 years ago.
Minimum wage was enacted in 1938 through the fair labor standards act to counteract the fallout of the great depression and was designed to help create consistency in consumer buying levels by giving them a baseline of income. Adjusted for inflation the federal minimum wage is worth less than 50 years ago published thu jul 21 2016 1225 pm edt updated mon jul 25 2016 445 pm edt kate rogers atkaterogers.
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