Figure A
The economy can afford a much higher national minimum wage: Real and nominal values of the federal minimum wage, and its real value if it had risen with total economy productivity, 1938–2020, and projected values under the Raise the Wage Act of 2021, 2021–2025
| Year | Real federal min. wage (2021$) | Projected real federal min. wage | Nominal min. wage | Projected nominal min.wage | Projected if the min. wage rose with productivity (2021$) | Projected if the min. wage rose with productivity (2021$) |
|---|---|---|---|---|---|---|
| 1938 | $4.07 | $0.25 | ||||
| 1939 | $4.95 | $0.30 | ||||
| 1940 | $4.92 | $0.30 | ||||
| 1941 | $4.68 | $0.30 | ||||
| 1942 | $4.22 | $0.30 | ||||
| 1943 | $3.98 | $0.30 | ||||
| 1944 | $3.91 | $0.30 | ||||
| 1945 | $5.10 | $0.40 | ||||
| 1946 | $4.71 | $0.40 | ||||
| 1947 | $4.12 | $0.40 | ||||
| 1948 | $3.81 | $0.40 | $5.98 | |||
| 1949 | $3.86 | $0.40 | $6.07 | |||
| 1950 | $7.14 | $0.75 | $6.53 | |||
| 1951 | $6.62 | $0.75 | $6.71 | |||
| 1952 | $6.50 | $0.75 | $6.90 | |||
| 1953 | $6.45 | $0.75 | $7.14 | |||
| 1954 | $6.40 | $0.75 | $7.26 | |||
| 1955 | $6.42 | $0.75 | $7.55 | |||
| 1956 | $8.44 | $1.00 | $7.57 | |||
| 1957 | $8.17 | $1.00 | $7.77 | |||
| 1958 | $7.94 | $1.00 | $7.93 | |||
| 1959 | $7.89 | $1.00 | $8.23 | |||
| 1960 | $7.75 | $1.00 | $8.37 | |||
| 1961 | $8.83 | $1.15 | $8.63 | |||
| 1962 | $8.74 | $1.15 | $8.95 | |||
| 1963 | $9.38 | $1.25 | $9.27 | |||
| 1964 | $9.25 | $1.25 | $9.56 | |||
| 1965 | $9.11 | $1.25 | $9.86 | |||
| 1966 | $8.85 | $1.25 | $10.16 | |||
| 1967 | $9.62 | $1.40 | $10.28 | |||
| 1968 | $10.59 | $1.60 | $10.59 | |||
| 1969 | $10.13 | $1.60 | $10.63 | |||
| 1970 | $9.66 | $1.60 | $10.78 | |||
| 1971 | $9.26 | $1.60 | $11.18 | |||
| 1972 | $8.99 | $1.60 | $11.49 | |||
| 1973 | $8.46 | $1.60 | $11.77 | |||
| 1974 | $9.61 | $2.00 | $11.59 | |||
| 1975 | $9.32 | $2.10 | $11.84 | |||
| 1976 | $9.66 | $2.30 | $12.17 | |||
| 1977 | $9.08 | $2.30 | $12.31 | |||
| 1978 | $9.79 | $2.65 | $12.45 | |||
| 1979 | $9.79 | $2.90 | $12.44 | |||
| 1980 | $9.41 | $3.10 | $12.36 | |||
| 1981 | $9.29 | $3.35 | $12.58 | |||
| 1982 | $8.76 | $3.35 | $12.45 | |||
| 1983 | $8.40 | $3.35 | $12.82 | |||
| 1984 | $8.07 | $3.35 | $13.16 | |||
| 1985 | $7.80 | $3.35 | $13.37 | |||
| 1986 | $7.67 | $3.35 | $13.64 | |||
| 1987 | $7.41 | $3.35 | $13.68 | |||
| 1988 | $7.15 | $3.35 | $13.87 | |||
| 1989 | $6.85 | $3.35 | $13.99 | |||
| 1990 | $7.41 | $3.80 | $14.16 | |||
| 1991 | $7.99 | $4.25 | $14.26 | |||
| 1992 | $7.80 | $4.25 | $14.79 | |||
| 1993 | $7.61 | $4.25 | $14.85 | |||
| 1994 | $7.45 | $4.25 | $14.97 | |||
| 1995 | $7.28 | $4.25 | $15.04 | |||
| 1996 | $7.92 | $4.75 | $15.32 | |||
| 1997 | $8.41 | $5.15 | $15.59 | |||
| 1998 | $8.30 | $5.15 | $15.91 | |||
| 1999 | $8.12 | $5.15 | $16.35 | |||
| 2000 | $7.86 | $5.15 | $16.71 | |||
| 2001 | $7.64 | $5.15 | $16.96 | |||
| 2002 | $7.52 | $5.15 | $17.43 | |||
| 2003 | $7.35 | $5.15 | $18.01 | |||
| 2004 | $7.16 | $5.15 | $18.49 | |||
| 2005 | $6.93 | $5.15 | $18.85 | |||
| 2006 | $6.71 | $5.15 | $18.99 | |||
| 2007 | $7.41 | $5.85 | $19.12 | |||
| 2008 | $7.99 | $6.55 | $19.21 | |||
| 2009 | $8.87 | $7.25 | $19.65 | |||
| 2010 | $8.73 | $7.25 | $20.22 | |||
| 2011 | $8.46 | $7.25 | $20.22 | |||
| 2012 | $8.29 | $7.25 | $20.30 | |||
| 2013 | $8.17 | $7.25 | $20.38 | |||
| 2014 | $8.03 | $7.25 | $20.50 | |||
| 2015 | $8.02 | $7.25 | $20.71 | |||
| 2016 | $7.91 | $7.25 | $20.76 | |||
| 2017 | $7.75 | $7.25 | $20.96 | |||
| 2018 | $7.56 | $7.25 | $21.18 | |||
| 2019 | $7.43 | $7.25 | $21.42 | |||
| 2020 | $7.34 | $7.34 | $7.25 | $7.25 | $21.69
|
$21.69 |
| 2021 | $9.50 | $9.50 | $22.14 | |||
| 2022 | $10.80 | $11.00 | $22.37 | |||
| 2023 | $12.01 | $12.50 | $22.71 | |||
| 2024 | $13.16 | $14.00 | $23.09 | |||
| 2025 | $13.79 | $15.00 | $23.53 |
Notes: Inflation measured using the CPI-U-RS. Productivity is measured as total economy productivity net depreciation.
Sources: EPI analysis of the Fair Labor Standards Act and amendments and the Raise the Wage Act of 2021. Total economy productivity data from the Bureau of Labor Statistics Labor Productivity and Costs program. Average hourly wages of production nonsupervisory workers from the Bureau of Labor Statistics Current Employment Statistics.
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