Neglect has left the minimum wage far below what the economy could afford: Real and nominal values of the federal minimum wage, and value if it had risen with total economy productivity, 1938–2018, and projected values under the Raise the Wage Act of 2019, 2019–2024
Real federal min. wage (2018$) | Projected real federal min. wage | Nominal min. wage | Projected nominal min.wage | Projected if the min. wage rose with productivity (2018$) | Projected if the min. wage rose with productivity (2018$) | |
---|---|---|---|---|---|---|
1938 | $3.81 | $0.25 | ||||
1939 | $4.64 | $0.30 | ||||
1940 | $4.60 | $0.30 | ||||
1941 | $4.38 | $0.30 | ||||
1942 | $3.95 | $0.30 | ||||
1943 | $3.72 | $0.30 | ||||
1944 | $3.66 | $0.30 | ||||
1945 | $4.77 | $0.40 | ||||
1946 | $4.41 | $0.40 | ||||
1947 | $3.85 | $0.40 | ||||
1948 | $3.56 | $0.40 | $5.76 | |||
1949 | $3.61 | $0.40 | $5.80 | |||
1950 | $6.68 | $0.75 | $6.26 | |||
1951 | $6.19 | $0.75 | $6.39 | |||
1952 | $6.08 | $0.75 | $6.60 | |||
1953 | $6.03 | $0.75 | $6.80 | |||
1954 | $5.99 | $0.75 | $6.93 | |||
1955 | $6.01 | $0.75 | $7.23 | |||
1956 | $7.90 | $1.00 | $7.32 | |||
1957 | $7.64 | $1.00 | $7.49 | |||
1958 | $7.43 | $1.00 | $7.62 | |||
1959 | $7.38 | $1.00 | $7.91 | |||
1960 | $7.26 | $1.00 | $8.08 | |||
1961 | $8.26 | $1.15 | $8.32 | |||
1962 | $8.18 | $1.15 | $8.61 | |||
1963 | $8.77 | $1.25 | $8.94 | |||
1964 | $8.66 | $1.25 | $9.20 | |||
1965 | $8.52 | $1.25 | $9.47 | |||
1966 | $8.29 | $1.25 | $9.71 | |||
1967 | $9.00 | $1.40 | $9.85 | |||
1968 | $10.15 | $1.60 | $10.15 | |||
1969 | $9.71 | $1.60 | $10.21 | |||
1970 | $9.26 | $1.60 | $10.31 | |||
1971 | $8.88 | $1.60 | $10.66 | |||
1972 | $8.62 | $1.60 | $10.97 | |||
1973 | $8.11 | $1.60 | $11.26 | |||
1974 | $9.21 | $2.00 | $11.08 | |||
1975 | $8.94 | $2.10 | $11.28 | |||
1976 | $9.26 | $2.30 | $11.55 | |||
1977 | $8.70 | $2.30 | $11.71 | |||
1978 | $9.39 | $2.65 | $11.80 | |||
1979 | $9.38 | $2.90 | $11.72 | |||
1980 | $9.02 | $3.10 | $11.65 | |||
1981 | $8.91 | $3.35 | $11.95 | |||
1982 | $8.40 | $3.35 | $11.91 | |||
1983 | $8.06 | $3.35 | $12.08 | |||
1984 | $7.73 | $3.35 | $12.47 | |||
1985 | $7.48 | $3.35 | $12.65 | |||
1986 | $7.35 | $3.35 | $12.83 | |||
1987 | $7.10 | $3.35 | $13.03 | |||
1988 | $6.86 | $3.35 | $13.31 | |||
1989 | $6.57 | $3.35 | $13.24 | |||
1990 | $7.10 | $3.80 | $13.37 | |||
1991 | $7.66 | $4.25 | $13.47 | |||
1992 | $7.48 | $4.25 | $13.93 | |||
1993 | $7.29 | $4.25 | $13.90 | |||
1994 | $7.14 | $4.25 | $14.07 | |||
1995 | $6.98 | $4.25 | $14.25 | |||
1996 | $7.60 | $4.75 | $14.61 | |||
1997 | $8.06 | $5.15 | $14.95 | |||
1998 | $7.95 | $5.15 | $15.40 | |||
1999 | $7.79 | $5.15 | $15.76 | |||
2000 | $7.53 | $5.15 | $16.21 | |||
2001 | $7.32 | $5.15 | $16.49 | |||
2002 | $7.21 | $5.15 | $16.87 | |||
2003 | $7.05 | $5.15 | $17.31 | |||
2004 | $6.86 | $5.15 | $17.78 | |||
2005 | $6.64 | $5.15 | $18.15 | |||
2006 | $6.43 | $5.15 | $18.48 | |||
2007 | $7.10 | $5.85 | $18.25 | |||
2008 | $7.66 | $6.55 | $18.04 | |||
2009 | $8.51 | $7.25 | $18.39 | |||
2010 | $8.37 | $7.25 | $19.12 | |||
2011 | $8.11 | $7.25 | $19.30 | |||
2012 | $7.94 | $7.25 | $19.64 | |||
2013 | $7.83 | $7.25 | $19.56 | |||
2014 | $7.70 | $7.25 | $19.86 | |||
2015 | $7.69 | $7.25 | $19.94 | |||
2016 | $7.59 | $7.25 | $19.77 | |||
2017 | $7.43 | $7.25 | $19.93 | |||
2018 | $7.25 | $7.25 | $7.25 | $7.25 | $20.34 | $20.34 |
2019 | $8.35 | $8.55 | $20.63 | |||
2020 | $9.39 | $9.85 | $20.94 | |||
2021 | $10.37 | $11.15 | $21.25 | |||
2022 | $11.30 | $12.45 | $21.57 | |||
2023 | $12.18 | $13.75 | $21.88 | |||
2024 | $12.98 | $15.00 | $22.19 |
Notes: The productivity series is total economy productivity net depreciation, indexed to the 1968 real value of the minimum wage. Real minimum wage values are in 2018 dollars deflated by the CPI-U-RS (1978–2017), chained to the CPI-U-X1 (1967–1977) and CPI-U (1938–1966). Projections for productivity growth and inflation use Congressional Budget Office, An Update to the Economic Outlook: 2018 to 2028, “10-Year Economic Projections” (downloadable Excel file supplement), August 2018.
Sources: EPI analysis of the Fair Labor Standards Act and amendments and the Raise the Wage Act of 2019. 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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