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This bumped the worth of minimum wage again up to $11.29 in today’s dollars. In the ultimate 12 months of the $1.60 minimal wage, it is worth was the equivalent to $9.88 today. In 1972, the $1.60 federal minimum wage can be worth $10.24 today. In 1970, the $1.60 federal minimal wage was worth the equal of $11.thirteen right now. The minimal wage remained $1.60 in 1969 and was worth $11.eighty two in right now’s money.
The minimal wage was increased by another 20 cents to $2.30 in 1976. In 1975, the 12 months the Vietnam War ended, the minimum wage was bumped up by 10 cents to $2.10.
That’s the bottom value for the federal minimum wage since 1955. When adjusted for inflation, the worth of the $three.35 minimal wage in 1987 could be simply $7.92 right now. The value of the $3.35 federal minimal wage continued to drop, clocking in at a worth of $eight.35 in today’s dollars by 1985. By 1984, the $three.35 federal minimum wage was only definitely worth the equal of $eight.sixty five an hour in today’s dollars. In 1983, the year of the Cabbage Patch Kids craze, the worth of the federal minimal wage of $3.35 dropped once more to the equal of $9.01 today. The minimum wage was bumped up again the following yr from $three.10 to $3.35 an hour. Despite the increase, that would be value simply $10.thirteen in right now’s cash, a decline from previous years.
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Even with this enhance, the worth of the minimum wage still dropped from the yr earlier than to $10.60. As the effects of the Watergate scandal continued to ripple across the nation, the federal minimum wage elevated to $2.00.
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However, the shopping for power of that wage remained historically low, coming in at $7.85 in today’s money. The decade of “greed is nice” closed out with the federal minimum wage nonetheless stagnant at $three.35. By 1988, the federal minimum wage still hadn’t been elevated from $3.35, but it’s shopping for energy plummeted even additional to the equivalent of $7.62 right now.
The ’80s had been additionally kicked off with a rise to the federal minimum wage from $2.ninety to $3.10. In 1978, the federal minimum wage elevated again to $2.sixty five for all coated, nonexempt workers. In 1977, the federal minimal wage remained at $2.30, although it’s worth dropped barely.
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In 1968, the federal minimal wage elevated again to $1.60 an hour. This marks the height buying energy of minimum wage in inflation-adjusted terms as this fee is equal to $12.34 at present. In 1967, the federal minimum wage increased to $1.forty, which is worth $11.19 today, virtually $four more than right now’s minimal wage. The federal minimum wage of $1.25 in 1965 was value $10.fifty four in 2021 dollars. Following the historic March on Washington in August of 1963, whose organizers were pushing for a $2 an hour minimum wage, the federal minimum wage was bumped up by 10 cents to $1.25. The federal minimum wage remained at $1.15 for only one extra yr, with its worth decreasing barely to $10.08.