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Marijuana news north dakota. Raising the minimum wage has been both an social economic and political issue for decades with recent pushes to raise the federal minimum wage to 15hr. The cpi index stood at 215351 in july of 2009. Adjusted for inflation that would be worth about 445 today.
Linking the federal minimum wage to the cpi aims to preserve consumer purchasing power by measuring inflation as experienced by consumers and having the federal minimum wage adjust accordingly. The real value of the federal us. The federal minimum wage inflation and employment.
Index to price inflation to guarantee the. However some states cities and counties have a higher minimum wage rate. When president franklin d.
In 1968 the high point of the federal minimum wage in inflation adjusted terms the minimum wage was equal to roughly 10 an hour in todays dollars. The index has increased 36638 points since the last minimum wage increase or about 17. Although the purpose of indexing the federal minimum wage to the cpi is clear there are two central arguments that arise.
Federal minimum wage. The latest reading for june 2018 is 251989. Minimum wage is at a historic low autor said.
Id be happy to see something like 12 or 13 indexed to inflation so it doesnt again sink to. The federal minimum wage in 2020 is 725 per hour and has not increased since july 2009. Proponents of a higher minimum wage want to change all this by locking in wage increases for future years.
Boschen herschel i. There are two common ways to achieve this. Roosevelt signed americas first federal minimum wage into law in 1938 it was 25 cents per hour.
If the minimum wage were indexed to inflation the minimum wage would now stand at 848. 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. When the state city or county minimum wage rate is higher than the federal rate employers are required to pay workers the higher amount.
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