The Federal Minimum Wage Is At Its Lowest Level Since 1956. Due To Inflation, Report Finds
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| The Federal Minimum Wage Is At Its Lowest Level Since 1956 |
According to a study by the Economic Policy Institute, the federal minimum wage, which has remained at $7.25 an hour since 2009, has fallen to its lowest level in 66 years as inflation soars.
The minimum wage hasn't grown in 13 years, which is the longest time since it was first set in 1938.
The federal minimum wage in 1956 was 75 cents, or what would be $7.19 today.
Congress decided not to include it in the $1.9 trillion coronavirus relief package, which caused plans to raise the federal minimum wage to $15 to stall last year.
The analysis in the paper is based on data from the Consumer Price Index for June, which was released this week and revealed a 9.1% increase in consumer goods prices from the same month last year.
In 1968, the federal minimum wage reached its highest point, reaching $12.12 in today's money.
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