The real value of minimum wages has fluctuated over time: The inflation-adjusted value of the federal minimum wage each time it has been increased
| Year Effective | Minimum Wage (nominal) | Inflation-Adjusted Value of Minimum Wage (2023$) |
|---|---|---|
| 1938 | $0.25 | $4.74 |
| 1939 | $0.30 | $5.69 |
| 1945 | $0.40 | $5.84 |
| 1950 | $0.75 | $8.47 |
| 1956 | $1.00 | $9.88 |
| 1961 | $1.15 | $10.19 |
| 1963 | $1.25 | $10.81 |
| 1967 | $1.40 | $11.27 |
| 1968 | $1.60 | $12.50 |
| 1974 | $2.00 | $11.30 |
| 1975 | $2.10 | $11.13 |
| 1976 | $2.30 | $11.45 |
| 1978 | $2.65 | $11.79 |
| 1979 | $2.90 | $11.94 |
| 1980 | $3.10 | $11.49 |
| 1981 | $3.35 | $11.23 |
| 1990 | $3.80 | $8.74 |
| 1991 | $4.25 | $9.38 |
| 1996 | $4.75 | $9.15 |
| 1997 | $5.15 | $9.75 |
| 2007 | $5.85 | $8.62 |
| 2008 | $6.55 | $9.15 |
| 2009 | $7.25 | $10.33 |
Source: All values in July 2023 dollars, adjusted using the CPI-U in 2023 chained to the CPI-U-RS (1978–2022) and CPI-U-X1 (1967–1977) and CPI-U (1966 and before). Calculations by Ben Zipperer, Economic Policy Institute.