Figure B
Real value of the federal minimum wage has often been eroded by failure to index to prices: Real (2025$) and nominal value of federal minimum wage, 1938–2025
| Nominal | Real (2025$) | |
|---|---|---|
| 1938 | $0.25 | $4.65 |
| 1939 | 0.3 | 5.64 |
| 1940 | 0.3 | 5.64 |
| 1941 | 0.3 | 5.358 |
| 1942 | 0.3 | 4.827027 |
| 1943 | 0.3 | 4.540678 |
| 1944 | 0.3 | 4.465 |
| 1945 | 0.4 | 5.80813 |
| 1946 | 0.4 | 5.371429 |
| 1947 | 0.4 | 4.7 |
| 1948 | 0.4 | 4.382822 |
| 1949 | 0.4 | 4.409877 |
| 1950 | 0.75 | 8.167683 |
| 1951 | 0.75 | 7.567797 |
| 1952 | 0.75 | 7.400552 |
| 1953 | 0.75 | 7.35989 |
| 1954 | 0.75 | 7.35989 |
| 1955 | 0.75 | 7.35989 |
| 1956 | 1 | 9.654054 |
| 1957 | 1 | 9.350785 |
| 1958 | 1 | 9.06599 |
| 1959 | 1 | 9.020202 |
| 1960 | 1 | 8.841584 |
| 1961 | 1.15 | 10.06814 |
| 1962 | 1.15 | 9.970388 |
| 1963 | 1.25 | 10.73317 |
| 1964 | 1.25 | 10.58057 |
| 1965 | 1.25 | 10.43224 |
| 1966 | 1.25 | 10.10181 |
| 1967 | 1.4 | 11.01498 |
| 1968 | 1.6 | 12.10847 |
| 1969 | 1.6 | 11.61626 |
| 1970 | 1.6 | 11.07597 |
| 1971 | 1.6 | 10.62305 |
| 1972 | 1.6 | 10.31625 |
| 1973 | 1.6 | 9.68678 |
| 1974 | 2 | 11.02469 |
| 1975 | 2.1 | 10.68547 |
| 1976 | 2.3 | 11.07224 |
| 1977 | 2.3 | 10.39949 |
| 1978 | 2.65 | 11.2154 |
| 1979 | 2.9 | 11.21082 |
| 1980 | 3.1 | 10.79259 |
| 1981 | 3.35 | 10.64609 |
| 1982 | 3.35 | 10.03876 |
| 1983 | 3.35 | 9.634622 |
| 1984 | 3.35 | 9.24745 |
| 1985 | 3.35 | 8.943348 |
| 1986 | 3.35 | 8.798676 |
| 1987 | 3.35 | 8.510811 |
| 1988 | 3.35 | 8.20727 |
| 1989 | 3.35 | 7.862155 |
| 1990 | 3.8 | 8.504762 |
| 1991 | 4.25 | 9.178356 |
| 1992 | 4.25 | 8.951061 |
| 1993 | 4.25 | 8.734753 |
| 1994 | 4.25 | 8.54786 |
| 1995 | 4.25 | 8.350385 |
| 1996 | 4.75 | 9.092712 |
| 1997 | 5.15 | 9.651522 |
| 1998 | 5.15 | 9.521636 |
| 1999 | 5.15 | 9.328499 |
| 2000 | 5.15 | 9.017549 |
| 2001 | 5.15 | 8.818696 |
| 2002 | 5.15 | 8.710133 |
| 2003 | 5.15 | 8.532375 |
| 2004 | 5.15 | 8.323891 |
| 2005 | 5.15 | 8.089622 |
| 2006 | 5.15 | 7.861453 |
| 2007 | 5.85 | 8.70675 |
| 2008 | 6.55 | 9.403778 |
| 2009 | 7.25 | 10.45077 |
| 2010 | 7.25 | 10.30932 |
| 2011 | 7.25 | 9.998842 |
| 2012 | 7.25 | 9.80947 |
| 2013 | 7.25 | 9.691991 |
| 2014 | 7.25 | 9.556089 |
| 2015 | 7.25 | 9.563146 |
| 2016 | 7.25 | 9.479136 |
| 2017 | 7.25 | 9.315468 |
| 2018 | 7.25 | 9.131523 |
| 2019 | 7.25 | 8.998263 |
| 2020 | 7.25 | 8.905433 |
| 2021 | 7.25 | 8.524358 |
| 2022 | 7.25 | 7.914731 |
| 2023 | 7.25 | 7.616765 |
| 2024 | 7.25 | 7.424599 |
| 2025 | 7.25 | 7.25 |
Source: Economic Policy Institute, State of Working America Data Library, "Minimum wage - Real minimum wage (2025$)," 2026
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