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Question regarding history of US Federal minimum wage?
Although some sources disagree, most reliable sources show that the minimum wage was ~lowered~ in 1967 to $1/hour, the minimum wage in 1960. Why was the wage lowered?
2 Answers
- ?Lv 77 years ago
Wow! So minimum wage was actually decreased at one point. But that can't be done these days when prices of goods and prices are consistently rising.
In relation to that, here's a report about the minimum wage issue: http://bitly.com/1n4lqIa .
- ?Lv 77 years ago
$1.40 is NOT LESS THAN $1.00 as your "reliable sources" claim.
Now, let's check on INFLATION - the BUYING POWER of those years' minimum wages, shall we?
$1.00 in 1960 = 0.027 "units of real value."
$1.40 in 1967 = 0.039 "units of real value."
That 44% INCREASE in buying power doesn't make it seem like the wage was LOWERED all that much, does it?
Well, the one thing we all know is, you use the SAME definition of "reliable sources" that #yesEVERYdemocrat uses.