Pay Rises, Purchasing Power Declines of Federal Minimum Wage
by Anthony Sibley (AJ) on Sep 20, 2013 | Views: 195 | Score: 2
| 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
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The value of the federal minimum-wage in 2011-dollars was $8.02 in the 1970s. After 1979, the minimum declined markedly. Even after a 41% increase in 2009, the current value is 12.1% less than its 1967-value. State legislation has set a standard for higher minimum-wage rates linked to cost-of-living increases. It is past time for the federal government to follow suit.