Feb
09

Minimum Money

Had the current minimum wage of $7.25/hour increased annually by the rate of inflation it would now be $9/hour. Since the minimum wage was adopted in 1938, its inflation-adjusted value peaked in 1968 when it became $1.60/hour, about $12 today. Raising it to $15/hour would lift 900,000 out of poverty, give raises to up to 27 million workers, but 1.4 million would become unemployed and growth would be modestly hurt.

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