For instance the minimum wage in 1970 was $1.60, which in today's dollars is $9.79
The minimum wage today is $7.25, a decline of 25%
I have created this by combining the shadow stats inflation calculator with minimum wages and median wages by year from 1970 to today
The US kept minimum wages to about $9.50 in today's dollars until 1980, after which Reagan and his successors allowed inflation to reduce that to between $6.50 and $7.00 in today's dollars. Obama has been trying to bring that closer to $8.00. The minimum wage fell to it's lowest point in 2006 when the minimum wage was the equivalent of only $6.00. To bring it in line with the minimum wage in 1970, it should really be more like $10.
Edited by Ogaden, 19 November 2012 - 08:16 PM.