The Minimum Wage Was Higher in 1963 Than It Is Today
the minimum wage, when adjusted for inflation, was $8.37, a dollar and 12 cents higher than today's rate of $7.25.
Sylvia A. Allegretto and Steven C. Pitts lay out the math in a paper for the Economic Policy Ins ute. At its highest point (in inflation-adjusted dollars) the minimum wage was $9.44 in 1968. It's 23 percent lower now. And despite those who claim that a higher minimum wage leads to greater unemployment, the official unemployment figure in August of that year was 3.5 percent, less than half the current rate of 7.4 percent.
Productivity has risen - but working people have seen none of the resulting wealth. As Lawrence Mishel and Heidi Shierholz, also of the Economic Policy Ins ute, note: "During the Great Recession and its aftermath (i.e., between 2007 and 2012), wages fell for the entire bottom 70 percent of the wage distribution, despite productivity growth of 7.7 percent."
In fact, as Dean Baker and Will Kimball point out, "If the minimum wage had kept pace with productivity growth it would be $16.54 in 2012 dollars" - and that's using a conservative estimate of that growth.
http://www.huffingtonpost.com/rj-esk...b_3820416.html
Note: Repugs refuse to raise the minimum wage, some have proposed eliminating the minimum wage AND child labor laws.

Reply With Quote




