Pay Rises, Purchasing Power Declines of Federal Minimum Wage
by Anthony Sibley (AJ) on Jul 11, 2013 | Views: 204 | Score: 4
| Contemporary Dollar Amount | 2011 Dollar Value | |
|---|---|---|
| 1967 | 1.4 | 8.25 |
| 1979 | 2.9 | 8.38 |
| 1989 | 3.35 | 5.87 |
| 1996 | 4.75 | 6.78 |
| 2007 | 5.85 | 6.35 |
| 2011 | 7.25 | 7.25 |
In US Dollars
Sources:
epi.org
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The real value of the federal minimum wage in 2011 dollars was $7.91 in the 1960s, $8.02 in the 1970s. Since 1979, the minimum declined markedly. Even after a 41% increase in 2009, the first since 1995, the current value is 12.1% less than its 1967 value. A higher wage would disproportionately benefit women, and address growing income inequality.