On the Minimum Wage
Congress is currently considering raising the minimum wage by $1.50, from $5.15 to $6.65 per hour in three installments. Congress last enacted legislation in 1996, increasing the minimum wage by 90 cents from 1996-1997.
Initially in 1938 the minimum wage was just 25 cents per hour. However, did you know? In real (inflation-adjusted) terms $0.25 per hour in 1938 dollars is equal to $3.52 in 2006 dollars.
The federal minimum wage can be increased at the state and local legislative level. Santa Fe, New Mexico has the highest minimum wage in the nation at $9.50 per hour and there are plans to increase this wage to $10.50 in 2008.
The minimum wage reached its peak in 1968, when it was $1.60 per hour or $9.13 in 2006 dollars. And, today's $5.15 minimum wage equals $0.90 cents in 1968.
This means that today's minimum wage is in effect $0.70 cents LESS per hour than at the 1968 peak. In fact, the minimum wage fell about 29% in real terms between 1979 and 2003.
And finally, todays federal minimum wage of $5.15 would be worth $0.37 cents in 1938. Remember the minimum wage started in 1938 at $0.25 cents.
This means that minimum wage workers have gotten a whole $0.12 cents per hour raise over the last 68 years. WOW, thats a whole $0.96 cents extra per 8 hour shift, don't spend it all in one place.
Bill Maher on the Minimum Wage: "Adjusted for inflation, the minimum wage is actually lower than it was in 1968, the year George Bush graduated from Yale. And that is unforgivable! And the wage thing is bad, too.
People like to tell themselves that these immigrants do the jobs Americans won’t do. Not true. Americans will pick fruit in the hot sun. But not at $5.15 an hour. Trust me. If some of these jobs paid real wages, your wife would be having sex with a Jewish gardener. "
DOL History of the Minimum Wage
Cost of Living Calculator
Initially in 1938 the minimum wage was just 25 cents per hour. However, did you know? In real (inflation-adjusted) terms $0.25 per hour in 1938 dollars is equal to $3.52 in 2006 dollars.
The federal minimum wage can be increased at the state and local legislative level. Santa Fe, New Mexico has the highest minimum wage in the nation at $9.50 per hour and there are plans to increase this wage to $10.50 in 2008.
The minimum wage reached its peak in 1968, when it was $1.60 per hour or $9.13 in 2006 dollars. And, today's $5.15 minimum wage equals $0.90 cents in 1968.
This means that today's minimum wage is in effect $0.70 cents LESS per hour than at the 1968 peak. In fact, the minimum wage fell about 29% in real terms between 1979 and 2003.
And finally, todays federal minimum wage of $5.15 would be worth $0.37 cents in 1938. Remember the minimum wage started in 1938 at $0.25 cents.
This means that minimum wage workers have gotten a whole $0.12 cents per hour raise over the last 68 years. WOW, thats a whole $0.96 cents extra per 8 hour shift, don't spend it all in one place.
Bill Maher on the Minimum Wage: "Adjusted for inflation, the minimum wage is actually lower than it was in 1968, the year George Bush graduated from Yale. And that is unforgivable! And the wage thing is bad, too.
People like to tell themselves that these immigrants do the jobs Americans won’t do. Not true. Americans will pick fruit in the hot sun. But not at $5.15 an hour. Trust me. If some of these jobs paid real wages, your wife would be having sex with a Jewish gardener. "
DOL History of the Minimum Wage
Cost of Living Calculator
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