Had the minimum wage risen in line with productivity since 1968, it would be over $18: Real and nominal value of the federal minimum wage, and total economy productivity, 1938–2014
| Real federal minimum wage (2014$) | Projected under RTWA* | Productivity | Projected Net Productivity | Nominal minimum wage | Projected nominal minimum wage | |
|---|---|---|---|---|---|---|
| 1938 | $3.67 | $ 0.25 | ||||
| 1939 | $4.46 | $ 0.30 | ||||
| 1940 | $4.43 | $ 0.30 | ||||
| 1941 | $4.22 | $ 0.30 | ||||
| 1942 | $3.81 | $ 0.30 | ||||
| 1943 | $3.59 | $ 0.30 | ||||
| 1944 | $3.53 | $ 0.30 | ||||
| 1945 | $4.60 | $ 0.40 | ||||
| 1946 | $4.24 | $ 0.40 | ||||
| 1947 | $3.71 | $ 0.40 | ||||
| 1948 | $3.43 | $5.39 | $ 0.40 | |||
| 1949 | $3.48 | $5.47 | $ 0.40 | |||
| 1950 | $6.44 | $5.89 | $ 0.75 | |||
| 1951 | $5.97 | $6.05 | $ 0.75 | |||
| 1952 | $5.85 | $6.23 | $ 0.75 | |||
| 1953 | $5.81 | $6.44 | $ 0.75 | |||
| 1954 | $5.77 | $6.55 | $ 0.75 | |||
| 1955 | $5.79 | $6.81 | $ 0.75 | |||
| 1956 | $7.60 | $6.82 | $ 1.00 | |||
| 1957 | $7.36 | $7.01 | $ 1.00 | |||
| 1958 | $7.16 | $7.15 | $ 1.00 | |||
| 1959 | $7.11 | $7.41 | $ 1.00 | |||
| 1960 | $6.99 | $7.54 | $ 1.00 | |||
| 1961 | $7.96 | $7.77 | $ 1.15 | |||
| 1962 | $7.88 | $8.07 | $ 1.15 | |||
| 1963 | $8.45 | $8.35 | $ 1.25 | |||
| 1964 | $8.34 | $8.62 | $ 1.25 | |||
| 1965 | $8.21 | $8.88 | $ 1.25 | |||
| 1966 | $7.98 | $9.16 | $ 1.25 | |||
| 1967 | $8.67 | $9.27 | $ 1.40 | |||
| 1968 | $9.54 | $9.54 | $ 1.60 | |||
| 1969 | $9.13 | $9.58 | $ 1.60 | |||
| 1970 | $8.71 | $9.71 | $ 1.60 | |||
| 1971 | $8.35 | $10.08 | $ 1.60 | |||
| 1972 | $8.10 | $10.34 | $ 1.60 | |||
| 1973 | $7.62 | $10.60 | $ 1.60 | |||
| 1974 | $8.66 | $10.43 | $ 2.00 | |||
| 1975 | $8.40 | $10.66 | $ 2.10 | |||
| 1976 | $8.70 | $10.96 | $ 2.30 | |||
| 1977 | $8.18 | $11.08 | $ 2.30 | |||
| 1978 | $8.83 | $11.19 | $ 2.65 | |||
| 1979 | $8.81 | $11.21 | $ 2.90 | |||
| 1980 | $8.48 | $11.12 | $ 3.10 | |||
| 1981 | $8.37 | $11.36 | $ 3.35 | |||
| 1982 | $7.89 | $11.20 | $ 3.35 | |||
| 1983 | $7.57 | $11.53 | $ 3.35 | |||
| 1984 | $7.27 | $11.83 | $ 3.35 | |||
| 1985 | $7.03 | $12.03 | $ 3.35 | |||
| 1986 | $6.90 | $12.28 | $ 3.35 | |||
| 1987 | $6.68 | $12.34 | $ 3.35 | |||
| 1988 | $6.44 | $12.48 | $ 3.35 | |||
| 1989 | $6.18 | $12.58 | $ 3.35 | |||
| 1990 | $6.67 | $12.76 | $ 3.80 | |||
| 1991 | $7.20 | $12.87 | $ 4.25 | |||
| 1992 | $7.03 | $13.33 | $ 4.25 | |||
| 1993 | $6.86 | $13.38 | $ 4.25 | |||
| 1994 | $6.71 | $13.50 | $ 4.25 | |||
| 1995 | $6.56 | $13.51 | $ 4.25 | |||
| 1996 | $7.14 | $13.84 | $ 4.75 | |||
| 1997 | $7.57 | $14.03 | $ 5.15 | |||
| 1998 | $7.47 | $14.31 | $ 5.15 | |||
| 1999 | $7.32 | $14.65 | $ 5.15 | |||
| 2000 | $7.08 | $15.00 | $ 5.15 | |||
| 2001 | $6.89 | $15.23 | $ 5.15 | |||
| 2002 | $6.78 | $15.66 | $ 5.15 | |||
| 2003 | $6.63 | $16.17 | $ 5.15 | |||
| 2004 | $6.46 | $16.60 | $ 5.15 | |||
| 2005 | $6.25 | $16.89 | $ 5.15 | |||
| 2006 | $6.05 | $17.00 | $ 5.15 | |||
| 2007 | $6.68 | $17.12 | $ 5.85 | |||
| 2008 | $7.20 | $17.15 | $ 6.55 | |||
| 2009 | $8.00 | $17.50 | $ 7.25 | |||
| 2010 | $7.87 | $18.01 | $ 7.25 | |||
| 2011 | $7.63 | $18.03 | $ 7.25 | |||
| 2012 | $7.48 | $18.15 | $ 7.25 | |||
| 2013 | $7.37 | $18.33 | $ 7.25 | |||
| 2014 | $7.25 | $18.42 | $18.42 | $ 7.25 | $ 7.25 |
Note: The productivity series is total economy productivity net depreciation, indexed to the 1968 real value of the minimum wage. Minimum-wage values are in 2014 dollars deflated by the CPI-U-RS. Projections for productivity growth use CBO Budget and Economic Outlook, 2015 to 2025.
Source: Adapted from Figure A in David Cooper, Raising the Minimum Wage to $12 by 2020 Would Lift Wages for 35 Million American Workers, EPI Briefing Paper #405, July 14, 2015
EPI analysis of Raise the Wage Act, Fair Labor Standards Act and amendments, Current Population Survey Outgoing Rotation Group microdata, unpublished Total Economy Productivity data from Bureau of Labor Statistics Labor Productivity and Costs program, and CBO Budget and Economic Outlook, 2015 to 2025