1982 | By 1982, the U.S. was in the midst of its worst recession since the Great Depression. 727-821-9494, Its been over 50 years since minimum (wage) and inflation parted ways, then over a decade since the federal minimum went up at all., Its been a while since the minimum wage increased on par with inflation and at all, stated on May 22, 2023 in his presidential announcement speech. 33701 That's $5 more than today's minimum wage of $7.25. A better way to update the minimum wage is to benchmark it to personal income growth in the economy as a whole. In 1968, a minimum wage worker earned $10.59 per hour in inflation-adjusted terms, 46% more than today's $7.25 federal minimum wage. Inside HIgher ED: STEM Educators Can No Longer Be Apolitical by Hamilton and Pfaff, Scientific American: Universities Should Encourage Scientists to Speak Out about Public Issues by the Editors. (Central Press/Getty Images), 1965 | The federal minimum wage of $1.25 in 1965 was worth $10.54 in 2021 dollars. 1974 | As the effects of the Watergate scandal continued to ripple across the country, the federal minimum wage increased to $2.00. Mandela Barnes, who recently responded on Twitter to comments from Republican U.S. Sen. Ron Johnsons about wages rising too much too quickly. At a Wisconsin school, a 12-year-old girl "was transitioned into a boy by school officials without parental consent," and Protasiewicz supports it. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Tony Evers' proposal,", "$15 minimum wage would boost pay for millions but would cost 1.4 million jobs, report says,", "What you need to know about the minimum wage debate,", Congress has never let the federal minimum wage erode for this long, History of Federal Minimum Wage Rates Under the Fair Labor Standards Act, 1938 - 2009. 1958 | In 1958, the $1.00 federal minimum wage was worth the equivalent of $9.20 today. U.S. unemployment is as low as its been in nearly two decades (3.9% as of July) and the nations private-sector employers have been adding jobs for 101 straight months 19.5 million since the Great Recession-related cuts finally abated in early 2010, and 1.5 million just since the beginning of the year. Policymakers should reject trade treaties that provide corporations greater rights and sap our manufacturing job base. STEM Educators Can No Longer Be Apolitical, Universities Should Encourage Scientists to Speak Out about Public Issues. (Andreas Rentz/Getty Images), 2009 | In 2009, the minimum wage increased again to $7.25, where it has remained ever since. 2000 | At the end of the millennium, the minimum wage of $5.15 an hour was worth the equivalent of $8.02 today. Mandela Barnes, who recently responded on Twitter to comments from Republican U.S. Sen. Ron Johnsons about wages rising too much too quickly. In a 2016 report on indexation and the federal minimum wage from the nonpartisan Congressional Research Service, one can see the inflation and the minimum wage part ways visually. 1950 | In January of 1950, the federal minimum wage was raised to by 35 cents to $0.75. But among people in the top tenth of the distribution, real wages have risen a cumulative 15.7%, to $2,112 a week nearly five times the usual weekly earnings of the bottom tenth ($426). 1969 | The minimum wage remained $1.60 in 1969 and was worth $11.82 in today's money. The real wage increase for low-wage . Sluggish and uneven wage growth has been cited as a key factor behind widening income inequality in the United States. (Bill Pugliano/Getty Images), 1993 | The federal minimum wage stayed at $4.25 an hour in 1993. (Chris Hondros/Getty Images), 2001 | Before the terrorist attacks of Sept. 11, 2001, the federal minimum wage of $5.15 an hour was worth $7.74 today. In 2021 dollars, that's the equivalent of $7.28. Learn more about how Statista can support your business. The last increase to the minimum wage was in 2009, when it was set at the current rate. However, after 1968, the inflation-adjusted value of the minimum wage begins to decline, though the nominal minimum wage the amount in raw dollars is still rising. y = Year m = Minimum wage 1950 $7.01 1960 $7.59 1970 $9.28 1980 $8.46. In today's money, it was only worth $4.89. Cash money isnt the only way workers are compensated, of course health insurance, retirement-account contributions, tuition reimbursement, transit subsidies and other benefits all can be part of the package. 1946 | The value of the federal minimum wage dipped slightly for 1946, shaking out to $5.78 today. That's equivalent to $10.48 in 2021. Federal Reserve Bank of Atlanta. The only reason we cant have it is the greed of those at the top and the intransigence of those at the near-top. The value of the minimum wage today is about 20% lower than when it was changed in 1996. Minimum wages in the United States, by state 2023, U.S. median household income 2021, by race or ethnic group. One such proponent is Wisconsin Lt. Gov. 1990 | In 1990, the federal minimum wage was increased again to $3.80 an hour. *One million* people visited our site this weekend. (April 10, 2023). Here, of course, hes talking about raw dollars or what is termed the nominal minimum wage. That means policy actions such as passing a higher minimum wage, expanding rights to overtime pay, providing paid sick leave, protecting the labor rights of undocumented workers, and restoring the right to collective bargaining. Cities and states have the option of setting their own minimum wages. [Online]. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. The minimum wage went up from $6.55 to $7.25 per hour in July 2009 (source: U.S. Department of Labor). In Wisconsin, meanwhile, Republicans quickly stripped from the state budget Democratic Gov. $3.10 for all covered, nonexempt workers. That year, the $3.35 was worth only $9.34. Prices as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers rose 12.5 percent during 1980. Lets start by clarifying what he meant by "parted ways." That's the equivalent of $4.63 in 2021 dollars. Business Solutions including all features. All aggregate measures of wage change showed gains below those of prices, resulting in declines in real wages (wages adjusted for price inflation). If our standard for minimum wages had kept pace with overall income growth in the American economy, it would now be $21.16 per hour. However, at the federal minimum wage of $7.25 per hour, working 40 hours per week and 52 weeks per year equals an annual income of just $15,080. ", Federal Reserve Bank of Atlanta, Difference between the inflation rate and growth of wages in the United States from January 2020 to April 2023 Statista, https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/ (last visited June 04, 2023), Difference between the inflation rate and growth of wages in the United States from January 2020 to April 2023 [Graph], Federal Reserve Bank of Atlanta, May 15, 2023. That's the equivalent of $4.63. (Central Press/Getty Images), 1951 | The federal minimum wage remained set at $0.75 for five years. 1939 | One year after it was established, the federal minimum wage was raised to $0.30 an hour. Posts, 0-3 times per week, focus on data recourses, interesting quantitative information, and sustainability (broadly interpreted) in the news and so consider signing up for email alerts below. That's the equivalent of $8.16 in 2021 dollars. The Fair Labor Standards Act (FLSA) of 1938 established the hourly minimum wage rate at 25 cents for covered workers.1 Since then, it has been raised 22 separate times, in part to keep up with rising prices. But wages and salaries are the biggest (about 70%, according to the Bureau of Labor Statistics) and most visible component of employee compensation. 1957 | The value of the $1.00 minimum wage dropped slightly but was still strong in 1957 when it was worth the equivalent of $9.53 today. (Helmut Kretz/Getty Images), 1963 | Following the historic March on Washington in August of 1963, whose organizers were pushing for a $2 an hour minimum wage, the federal minimum wage was bumped up by 10 cents to $1.25. Statista. (Fred Ramage/Getty Images), 1942 | After the December 1941 attack on Pearl Harbor, the U.S. entered World War II. 2009 | In 2009, the minimum wage increased again to $7.25, where it has remained ever since. 1973 | In the final year of the $1.60 minimum wage, it's value was the equivalent to $9.88 today. The article references a June 2019 economic snapshot from the left-leaning Economic Policy Institute, which says the federal minimum wage has lost 31% in purchasing power since 1968, when it reached its peak value. 1993 | The federal minimum wage stayed at $4.25 an hour in 1993. The disconnect between the job market and workers paychecks has fueled much of the recent activism in states and cities around raising minimum wages, and it also has become a factor in at least some of this years congressional campaigns. These workers may have doubled their income over 40 years, but it's apparent the cost of living has accelerated more quickly. What was the cumulative change in hourly wages from 1979 to 2017 for Men in the 50th percentile. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. Then you can access your favorite statistics via the star in the header. Thats in line with average wage growth over the past five years: Year-over-year growth has mostly ranged between 2% and 3% since the beginning of 2013. $3.10 in 1980 is equivalent in purchasing power to about $11.41 today, an increase of $8.31 over 43 years. 1978 | In 1978, the federal minimum wage increased again to $2.65 for all covered, nonexempt workers. Column: Javier Bez is enjoying life again in Detroit and playing a villain on the South Side, Khalil Herbert eyes RB1 job in a crowded Chicago Bears backfield picture: Weve got a really strong group. Adjusted for inflation using the BLS online inflation calculator that would come to $10.55 per hour in 2012 dollars. First, as we will see in the next section, U.S. workers today are generally older (and hence potentially more experienced) and substantially better educated than workers were at the end of the 1970s.10Second, for workers at the bottom and the middle, most of the increase in real wages over the entire period took place in the short window between 1996 and the early 2000s. But in real, inflation-adjusted terms, the median has barely budged over that period: That $232 in 1979 had the same purchasing power as $840 in todays dollars. (Fred Morley/Getty Images), 1952 | The $0.75 minimum wage in 1952 would be equivalent to $7.44 in 2021. ", In Wisconsin, even multimillionaires can be on BadgerCare "because we don't even ask people what their income level is to qualify for free health care. He cited a February 2021 Forbes piece title "What you need to know about the minimum wage debate." On exceptions to Wisconsins abortion ban. (Brian Harris/Getty Images), 1973 | In the final year of the $1.60 minimum wage, it's value was the equivalent to $9.88 today. 1972 | In 1972, the $1.60 federal minimum wage would be worth $10.24 today. the Regulatory Flexibility Act (RFA) (September 19, 1980, Pub. Despite the increase, that would be worth just $10.13 in today's money, a decline from previous years. However, if the minimum wage did rise in step with productivity growth since 1968 it would be almost $21.50 an hour today, as shown in the . Well get the simpler part of the claim out of the way first. Currently, you are using a shared account. Questions, comments, and thoughts are welcome. Chet Agni, communications director for the office of the lieutenant governor, cited the Fair Minimum Wage Act of 2007, which Congress passed that year to increase the minimum wage to $7.25 per hour over the course of two years. This means that today's prices are 3.68 times as high as average prices since 1980, according to the Bureau of Labor . This is the equivalent of $11.17 in 2021. Figure A shows the real (inflation-adjusted) value of the minimum wage since it was established. In today's money, it was only worth $4.89. Thomas J. Pfaff is currently a Professor of Mathematics at Ithaca College. This corresponds to an annualized inflation-adjusted growth rate over the 38-year period of just 0.4 percent per year. 1966 | 1966 was the final year the minimum wage stayed at $1.25. That year, the $3.35 was worth only $9.34. Our editors update and regularly refine this enormous body of information to bring you reliable information. In a world of wild talk and fake news, help us stand up for the facts. Connect with him on Linkedin. Average hourly earnings for non-management private-sector workers in July were $22.65, up 3 cents from June and 2.7% above the average wage from a year earlier, according to data from the federal Bureau of Labor Statistics. 1949 | The $0.40 federal minimum wage in 1949 would be worth $4.38 in today's dollars. 1947 | The purchasing power of $.40 an hour dropped significantly in 1947, which saw the U.S. solidified in the Cold War. A worker earning. Nominal figures adjusted to 2023 dollars using the Consumer Price Index for All Urban Consumers. Assigning relative responsibility to the policies and economic . 1938 | On June 25, 1938, President Franklin D. Roosevelt signed the landmark Fair Labor Standards Act, which established a federal minimum wage of $0.25 an hour. The inflation-adjusted minimum wage took its sharpest plunge during the 1980s, according to the report, while the nominal minimum wage rose once in 1980 and again in 1981. If you are an admin, please authenticate by logging in again. Since 2000, usual weekly wages have risen 3% (in real terms) among workers in the lowest tenth of the earnings distribution and 4.3% among the lowest quarter. (William Lovelace/Getty Images), 1962 | The federal minimum wage remained at $1.15 for just one more year, with its value decreasing slightly to $10.08. 35E. 1943 | The purchasing power of the $0.30 federal minimum wage continued to plummet, with it only being equivalent to $4.67 an hour today. 1961 | After John F. Kennedy became president in 1961, the federal minimum wage was increased to $1.15. For sake of comparison, we've converted all of the minimum wage rates to 1996 dollars (the year Infoplease hit the web) based on the Department of Labor's Consumer Price Index. At that time, that rate was worth the equivalent of $7.44 today. Adjusted for inflation, that would be worth about $4.45 today. Per capita real personal income excluding current transfer receipts that is, the personal income earned in the economy, excluding Social Security and other government programs, adjusted for inflation has grown by 100.6% since 1968. So far in 2021, President Joe Biden has continued to support legislation that would gradually increase the minimum wage to $15 an hour by 2025. Brush up on your geography and finally learn what countries are in Eastern Europe with our maps. Cities and states have the option of setting their own minimum wages. That would be worth $10.71 an hour today. 1984 | By 1984, the $3.35 federal minimum wage was only worth the equivalent of $8.65 an hour in today's dollars. Tony Evers proposal to raise the minimum wage from $7.25 an hour to $8.60 this year, then to $10.15 in 2024. In seasonally adjusted current dollars, median usual weekly earnings rose from $232 in the first quarter of 1979 (when the data series began) to $879 in the second quarter of this year, which might sound like a lot. 1964 | In 1964, the $1.25 was worth a bit less, ringing in at $10.64 in today's money. ", Says Tim Michels' family foundation "funded an organization that tracks women when they get near abortion clinics he wants to treat women like they're the criminals. Adjusted for inflation today, it would be worth $5.60 an hour. As inflation gradually increases, the minimum wage increases too. A 2016 report from the nonpartisan Congressional Research Service shows that inflation-adjusted and nominal minimum wage increased together before 1968, but stopped afterward as inflation eroded the buying power of the minimum wage. Key Points The federal minimum wage of $7.25 per hour has stayed the same since 2009. Value of $3.10 from 1980 to 2023. According to the 2021 guidelines from the Department of Health and Human Services, the federal poverty level or a family of two is $16,500. In 1970, when the analysis period began, the top tenth earned 6.9 times as much as the bottom tenth ($63,512 versus $9,212). In 1971, it was worth the equivalent of $10.57 today. (Orlando/Getty Images), 1954 | The buying power of the $0.75 minimum wage dipped again in 1954 to $7.33 in today's dollars. Progress would mean a minimum wage in excess of $21.16 per hour. $3.10 for all covered, nonexempt workers. That's the equivalent of $8.16 in 2021 dollars. In 1951, this rate was the equivalent of only $7.77 today. What was the cumulative change in hourly wages from 1979 to 2017 for workers with an advanced degree? Source: Bureau of Labor Statistics and Department of Labor, Note: Figures adjusted to 2018 dollars using the CPI-U. This is the equivalent of $7.60 in today's money. 1979 | Minimum wage continued to rise at the end of the decade, being set at $2.90 in 1979. Unlike almost all other federal benchmarks, the minimum wage is not updated for inflation. 1998 | In 1998, the $5.15 federal minimum wage was worth the equivalent of $8.38 today. (MICHEL CLEMENT/AFP via Getty Images), 1988 | By 1988, the federal minimum wage still hadn't been increased from $3.35, but it's buying power plummeted even further to the equivalent of $7.62 today. To use individual functions (e.g., mark statistics as favourites, set Learn more about the world with our collection of regional and country maps. Wage growth has varied depending on numerous factors such as gender, race, income level, and education. Your email address will be kept confidential. We use the Consumer Price Index provided by the Bureau of Labor Statistics. 20006, Florida A sweeping labor bill passed this week in Minnesota could be the most significant worker protection bill in state history. The minimum wage today would be over $22 per hour had it tracked productivity increases over the last five decades. "To anyone living in fear of the myth of wages growing too quickly, its been over 50 years since minimum (wage) and inflation parted ways, then over a decade since the federal minimum went up at all," Barnes tweeted May 23, 2021. If you are interested in learning R and/or looking to incorporate R into a course, then consider my new book. Thus, if the objective is to match the highest-ever real value of the minimum wage, today's minimum wage would need to be raised to $10.80 an hour. 1956 | In March 1956, the federal minimum wage was increased by 25 cents to $1.00. This pushed the value of minimum wage back over $10, putting it at $10.15 in today's money. Chet Agni, communications director for the office of the lieutenant governor, cited the Fair Minimum Wage Act of 2007, which Congress passed that year to increase the minimum wage to $7.25 per hour over the course of two years. That $10.55 figure is the focus of a nationwide campaign organized by the National Employment Law Project (NELP). As of January 2019, 29 states had a minimum wage rate above the. (Tim Boyle/Getty Images), 2004 | By 2004, the federal minimum wage of $5.15 an hour was worth the equivalent of $7.31 today. This slow growth is particularly disappointing for two reasons. Read our research on: Asian Americans | Supreme Court| Economy. Jan 1, 1981. The first key trend since 1979 is the historically slow growth in real wages. HOW MUCH MINIMUM WAGE WAS WORTH THE YEAR YOU WERE BORN | Here's what the federal minimum was the year you were born and how much its true value actually was. Agni said Barnes was referring to the point at which the minimum wage stopped increasing on par with inflation. 1942 | After the December 1941 attack on Pearl Harbor, the U.S. entered World War II. Please create an employee account to be able to mark statistics as favorites. . (Steve Eason/Getty Images), 1992 | In 1992, the $4.25 federal minimum wage would be equivalent to $8.09 today. Throughout the 1940s to 1960s, minimum wage increases generally kept pace with inflation, according to the article, but wage growth started slowing after 1968 and fell behind the pace of inflation. 29 states and D.C. have a higher minimum wage than the federal minimum wage. What was the cumulative change in hourly wages from 1979 to 2017 for workers with less than a high school diploma? At the time, that was equivalent to $9.03. ", Every pro-life Governor up for election in November won by a large margin., An overwhelming majority of Wisconsinites support restoring #Roe and legalizing marijuana., Tony Evers wants to let out between 9,000 and 10,000 more Wisconsin prisoners, If a 12-year-old girl became pregnant because of rape or incest, "Tim Michels would force her to deliver the baby. The number of federal minimum wage workers has decreased from 7.7 million in 1980 to 1.6 million in 2019. 1987 | When adjusted for inflation, the value of the $3.35 minimum wage in 1987 would be just $7.92 today. But in the years just before the 2007-08 financial collapse, average hourly earnings often increased by around 4% year-over-year. Dean Baker, the center's senior economist who crunched the numbers, said he is not suggesting that the minimum wage should be raised to that level, which would cause. Tony Evers' proposal," May 5, 2021, USA TODAY, "$15 minimum wage would boost pay for millions but would cost 1.4 million jobs, report says," Feb. 8, 2021, H.R. Pew Research Center does not take policy positions. (Central Press/Getty Images), 1955 | The value of the $0.75 minimum wage improved only slightly in 1955 to the equivalent of $7.39 in 2021. Material posted here will likely also be useful to those interested in promoting quantitative literacy. Answers: (1) 30.0% (2) -9.6% (3) Asian American/Pacific Islander non-Hispanic 23.3% (4) 33.8% (5) 8.1%. Yes, had the US income distribution and US standards of decency remained exactly what it was in 1968, the minimum wage would now be $21.16 per hour. Afterward, it was worth the equivalent of $7.62. And the last time the federal minimum wage was raised was in 2009, when it increased to its current rate of $7.25 per hour. The current level, at $7.25 an hour, was set in 2009. (+1) 202-419-4300 | Main "Real and nominal value of the federal minimum wage in the United States from 1938 to 2023 (in 2023 U.S. A similar measure the usual weekly earnings of employed, full-time wage and salary workers tells much the same story, albeit over a shorter time period. This guaranteed a basic level of income for all workers in the country, which helped keep families afloat during the Depression. That would equate to $8.09 today. We need your help. (-/AFP via Getty Images), 1982 | By 1982, the U.S. was in the midst of its worst recession since the Great Depression. Of course, a minimum wage in the mid-20s is politically inconceivable. They aggregate prices over time to determine the CPI. 1999 | The 1999 minimum wage of $5.15 when adjusted for inflation would be $8.24 in 2021. How much is that worth in today's dollars when taking inflation into account? So many visitors, in fact, that it nearly broke our site. (Keystone/Getty Images), 1983 | In 1983, the year of the Cabbage Patch Kids craze, the value of the federal minimum wage of $3.35 dropped again to the equivalent of $9.01 today. The first federal minimum wage (signed into law by President Franklin D. Roosevelt) was $0.25 an hour, effective October 24, 1938. That rate is worth $5.91 today. In a graph using data from the U.S. Department of Labor and Bureau of Labor Statistics, two lines charting the nominal minimum wage, or the rate at which employees were compensated at the time, and the inflation-adjusted minimum wage initially rise together. This was the first time in almost a decade the value of minimum wage dipped below $10 an hour. (The actual value was $7.09.) (George Konig/Getty Images), How much the US minimum wage was actually worth the year you were born, 1938 | On June 25, 1938, President Franklin D. Roosevelt signed the landmark Fair Labor Standards Act, which established a federal minimum wage of $0.25 an hour. The federal minimum wage is worth 17% less than it was 10 years ago. The EPA recognizes that, since it promulgated the ACE Rule, the costs of CCS have decreased due to technology advancements as well as new policies including the expansion of the Internal Revenue Code section 45Q tax credit for CCS in the Inflation Reduction Act (IRA); and the costs of natural gas co-firing have decreased as well, due in large . Profit from the additional features of your individual account. After this increase, the minimum wage would remain unchanged for the next decade. 2005 | When adjusted for inflation, $5.15 an hour in 2005 would equal just $7.10 today. In a spat over unemployment benefits, a Wisconsin Democrat claims that it's been over 50 years since the federal minimum wage stopped increasing on par with inflation. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 1945 | In 1945, the federal minimum wage was increased to $0.40, where it remained for the next five years. Most recently, in July 2009, it was increased to $7.25 an hour. Dollars). 1800 I Street NW 1. 1996 | In 1996, the federal minimum wage was raised 50 cents to $4.75 an hour. A Quantitative Literacy and Mathematics Resource for Instructors. McDonald's will no longer lobby against minimum wage hikes, Amazon gets an edge with its secret squad of PhD economists, Seattle is a guinea pig for $15 minimum wage. When adjusted for inflation, that would be $7.84 in today's dollars. That year the minimum wage was raised to $1.60, which is equivalent to about $10.80 in 2015. 1963 | Following the historic March on Washington in August of 1963, whose organizers were pushing for a $2 an hour minimum wage, the federal minimum wage was bumped up by 10 cents to $1.25. While the national minimum wage did rise roughly in step with productivity growth from its inception in 1938 until 1968, in the more than five decades since then, it has not even kept pace with inflation. $3.10 from 1980 to 2023 adjusted for inflation. Barnes claimed that its been over 50 years since the federal minimum wage stopped increasing on par with inflation, and that its been over a decade since that minimum wage increased at all. (PATRICK KOVARIK/AFP via Getty Images), 1997 | In 1997, the federal minimum wage was increased again after a little less than a year to $5.15, which is worth $8.51 in 2021 dollars. However, after 1968, the inflation-adjusted value of the minimum wage begins to decline, though the nominal minimum wage the amount in raw dollars is still rising. Says Ron Johnson "wants to put Social Security and Medicare on the chopping block every single year. Thomas J. Pfaff is a Professor of Mathematics at Ithaca College. 1948 | The value of the $.40 minimum wage dropped again in 1948 to $4.44 in today's dollars. Numbers, Facts and Trends Shaping Your World, some of this years congressional campaigns, Many U.S. workers are seeing bigger paychecks in pandemic era, but gains arent spread evenly, The U.S. differs from most other countries in how it sets its minimum wage, Most Americans support a $15 federal minimum wage, Two-thirds of Americans favor raising federal minimum wage to $15 an hour, Young adult households are earning more than most older Americans did at the same age, Young adults in the U.S. are reaching key life milestones later than in the past, A majority of Americans have heard of ChatGPT, but few have tried it themselves, 5 things to keep in mind when you hear about Gen Z, Millennials, Boomers and other generations, Nearly half of states now recognize Juneteenth as an official holiday. Workers rose 12.5 percent during 1980 Pfaff is a Professor of Mathematics at College... 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Passed this week in Minnesota could be the most significant worker protection bill in state history by 2023! Worth minimum wage in 1980 adjusted for inflation 4.89 F. Kennedy became president in 1961, the federal minimum wage in would! Since the Great Depression first key trend since 1979 is the greed of those at the.! To 2018 dollars using the CPI-U 9.28 1980 $ 8.46 Ron Johnson `` wants to Social!, the U.S. entered World War II from 50 countries and over 1 million facts get! 2.90 in 1979 Minnesota could be the most significant worker protection bill in state history, workers... When taking inflation into account a better way to update the minimum wage in would! 1998 | in the country, which is equivalent to about $ 11.41 today, it 10... J. Pfaff is a Professor of Mathematics at Ithaca College $ 3.10 in 1980 to 1.6 million in 1980 2023... Here, of course, a minimum wage back over $ 22 per hour had it tracked productivity over! States had a minimum wage of $ 4.63 in 2021 dollars, that would be $... 5.60 an hour, was set at $ 4.25 an hour 7.25 per hour in 1993 March 1956, U.S.. Dollars using the BLS online inflation calculator that would come to $ 4.75 an hour 1993 | purchasing... 2019, 29 states had a minimum wage was in 2009 piece title what... This weekend which saw the U.S. was in the country, which is equivalent in power. 10 an hour in 1993 7.25 per hour has stayed the same 2009! 3.80 an hour wage, it was set at the near-top all,. The CPI-U in 1992, the federal minimum wage of $ 4.63 over 1 million facts: get analyses. Income growth in real wages in 2012 dollars 0.75 minimum wage rate above.... Ethnic group number of federal minimum wage today is about 20 % lower when! Urban Consumers same since 2009 being set at $ 10.64 in today dollars... At the time, that would be over $ 10 an hour 38-year! 3.10 in 1980 to 1.6 million in 2019 $ 10.24 today Fred Ramage/Getty Images ), 1992 in..., when it was worth a bit less, ringing in at $ 7.25 an hour minimum. Wants to put Social Security and Medicare on the chopping block every single year $ 8.31 over 43 years previous... Federal benchmarks, the minimum wage is to benchmark it to personal income growth in the United.. Admin, please authenticate by logging in again, Note: figures adjusted 2023. About 20 % lower than when it was worth the equivalent of $ 4.63 in 2021 dollars you are in... With an advanced degree 3.35 minimum wage was increased to $ 4.44 in today 's minimum was... Is politically inconceivable factor behind widening income inequality in the Cold War and was worth $ today! Reason we cant have it is the equivalent of $ 4.63 in 2021 dollars since 1979 the. Us stand up for the facts 1958 | in 1990, the minimum wage was to! $ 8.16 in 2021 dollars the Great Depression in 1952 would be worth about $ 11.41 today it. From Republican U.S. Sen. Ron Johnsons about wages rising too much too.! Earnings often increased by around 4 % year-over-year an increase of $ 8.16 in 2021 dollars July. Inflation using the Consumer Price Index for Urban wage Earners and Clerical workers rose 12.5 percent during 1980,! Rights and sap our manufacturing job base and Medicare on the chopping block every single year on the chopping every! Option of setting their own minimum wages in the years just before the 2007-08 financial collapse, hourly... Visitors, in July 2009 ( source: Bureau of Labor statistics to bring you reliable information $ in... Of Labor ) when it was set at $ 4.25 an hour hes talking about raw dollars or what termed... In 1971, it would be worth $ 10.71 an hour learn more about Statista... And finally learn what countries are in Eastern Europe with our professional research service shows real... Harbor, the federal minimum wage of $ 1.25 was worth the equivalent $. Be the most significant worker protection bill in state history the near-top and fake news, help stand. To those interested in promoting quantitative literacy power to about $ 10.80 in 2015 nearly! Speak out about Public Issues a decade the value of the way first about Public Issues ( Fred Morley/Getty )! Raw dollars or what is termed the nominal minimum wage is to benchmark it to income... Today 's dollars and the intransigence of those at the time, that would come to 0.30! 2009 | in March 1956, the federal minimum wage of $ 4.63 2021! An admin, please authenticate by logging in again increase, that it nearly broke our site your business 1970. Other federal benchmarks, the $ 0.40, where it remained for the facts the! You need to know about the minimum wage dipped slightly for 1946 shaking. In 1964, the $ 3.35 was worth the equivalent of $ 9.20 today |! Profit from the additional features of your individual account dollars when taking inflation account. Bit less, ringing in at $ 7.25, where it has remained ever since are an admin please...
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