Real Value Of Federal Minimum Wage, 1956-2003, in 2000 Dollars

Economic Policy Institute ^ | February 4, 2003 | Economic Policy Institute

[Red Jones]

Year	Minimum Wage in 2000 Dollars
1956	4.50
1957	5.75
1958	5.50
1959	5.45
1960	5.50
1961	5.75
1962	6.00
1963	6.05
1964	6.25
1965	6.50
1966	6.30
1967	6.90
1968	6.90
1969	7.25
1970	6.75
1971	6.00
1972	5.80
1973	6.20
1973	6.20
1974	6.55
1975	6.50
1976	6.30
1977	6.75
1978	6.50
1979	6.75
1980	6.45
1981	6.00
1982	5.75
1983	5.60
1984	5.45
1985	5.30
1986	5.00
1987	4.90
1988	4.60
1989	4.80
1990	5.05
1991	5.15
1992	5.10
1993	5.05
1994	4.90
1995	4.80
1996	5.10
1997	5.25
1998	5.30
1999	5.45
2000	5.25
2001	5.10
2002	5.00
2003	4.80

[Red Jones]

If you want to see the original information from Economic Policy Institute, then click on the link and look for info on Minimum Wage, you'll find it. The original has a chart in the form of a GIF. I don't have a host web site to post a GIF, so I just copied down the numbers and made a table out of it for your review.

What this statistic does not show is the number of workers working at minimum wage, or more importantly the percentage of the total working at minimum wage. During the mid 1980's the percentage of people working at minimum wage declined significantly, so that is not shown here.

I've known for a long time that the bottom 70% have been getting worse off rather than better off since 1970 when you measure the amount of dollars they work for in an individual job and how far those dollars go in the economy. I know that because I read detailed articles about it 15-20 years ago in conservative journals like National Review. This information was published by a liberal research group.

Housing prices have gone up much faster than inflation. Many economists feel that the government's measure of inflation under-estimates the real change in costs that people face to actually live.

Since 1970 there were only about 3-4 years during the mid 1980's when we had real economic progress for the broad cross section of americans including the middle class and poor. During the 90's boom the stats show that the poor did not really have their boats lifted.

The welfare of the American population is simply not a priority to our nation any more. Our government began making decisions around 1970 that have resulted in lower incomes for most americans. It is continuing that today. Ronald Reagan was the one politician who tried to do things differently. He wanted prosperity for all, as if our nation was an extended family. He ran into a huge amount of hysterical opposition as a result and by the end of his time in office congress was walking all over him. But he gave it a sincere try. We can't say that about any of our other leaders. The two Bushes have been particularly hard on the poor and the middle class with their policies.

[Red Jones]

bump

[weikel]

Minimum wage increases unemployment very simple. Its a bad leftist idea.

[woofie]

As I suspected, 1969 was a good year to be dumb and happy

[Starrgaizr]

You can nicely correlate the real minimum wage since the 1940s with the ratio of black to white youth (16-24) unemployment.

[Mr. Buzzcut]

Plus, why should fast food joints be forced to pay INCOMPETENT workers more than they're worth?

If i received a correct order every now and then i might soften on this ...

[Red Jones]

just thinking about all those wonderful yesteryears dear. Memories ... ...

[JoeFromCA]

I worked for minimum wage during the '60s, except for the time I was in the Army and later in school. I worked very hard, and it sucked.

[Red Jones]

As I suspected, 1969 was a good year to be dumb and happy

you're exactly right. The counter-culture upheaval, drug craze and hippie movement probably wouldn't have occurred in the 60's if we hadn't reached a level of wealth where young irresponsible spoiled people could easily support themselves, do drugs and protest against da man all at the same time. Now they have to work like slaves.

Back in 1970 you could get a VW bug and travel across the country happy and free and whereever you ran out of money you could just ask somebody where you could go to get a temporary job and you could get one just like that, then work for a week and go on. The employers would accept that back then. We were a much more prosperous nation by many measurements back then.

In the early 80's conservatives noticed this and would blame these trends on liberals and rightly so because liberals did change the policies that started us down this road. But the conflict between liberals and conservatives is yesterday's paradigm. Today's paradigm is a conflict between pro-New World ORder and anti-New World Order. The pro-New World ORder people don't care about our population's welfare. So today Republicans don't want to look at this stuff. But 20 years ago they did.

[aruanan]

The fall in real dollars is a good thing. It allows employers to pay inexperienced workers at a rate closer to what they deserve and keeps him from wasting money for nothing. The ideal would be no minimum wage at all, allowing people with next to no skill to be employed and get a start in the workforce instead of being shut out by an economically nonsensical minimum wage.

[woofie]

Hey I was one of those young, irresponsible spoiled people in 1969...and my memory of those days is gone to prove it

[Red Jones]

The fall in real dollars is a good thing. It allows employers to pay inexperienced workers at a rate closer to what they deserve and keeps him from wasting money for nothing. The ideal would be no minimum wage at all, allowing people with next to no skill to be employed and get a start in the workforce instead of being shut out by an economically nonsensical minimum wage.

If you were just a regular person and wanted a job in 1965 you had a much easier time finding a job than today. Unemployment has been elevated at historically high standards ever since 1970. So, your argument just doesn't really work. I won't say that a high minimum wage causes low unemployment. But back then we had a higher minimum wage and lower unemployment. So, there must be other factors at play. Bad things have happened to our economy and our unwillingness to keep the minimum wage in line with inflation is merely a sign of that.

We are also planning on actually cutting social security payments to the elderly poor within just 5 years or so from now. We've also made dramatic cuts in medicaire just in the last 2 years. These are also signs that our economy is simply losing it's ability to support our people on a collective basis.

People who gloat over bad economic times and trends are people who are in love with evil. Repent, the time is near.

[weikel]

We are also planning on actually cutting social security payments to the elderly poor within just 5 years or so from now. We've also made dramatic cuts in medicaire just in the last 2 years. These are also signs that our economy is simply losing it's ability to support our people on a collective basis.

The liberals have mired the Goverment in debt while a spendthrift population has mired itself in debt. There are some painful years ahead where the rotteness will be purged out of the system. Its good these social programs are being cut they are the cause of most of our predicaments them and the lawyer lobby and various alphabet agencies.

[Petronski]

Tables are nice, but you need a graph.

[weikel]

But back then we had a higher minimum wage and lower unemployment

Correlation is not causation.

[leprechaun9]

When I consider that most of the taxpayers who earn Minimum Wage pay very little, if any, FEDERAL INCOME TAX, but do pay Social Security, I must conclude that most of the pimps of the election industry who push for these increases, do so, to add additional funds to the Social Security (mis)TRUST FUND!

Benevolence for the worker is never a consideration!

[aruanan]

Unemployment has been elevated at historically high standards ever since 1970. So, your argument just doesn't really work.

Actually my argument works quite well since 30 to 40 or more years ago jobs among teens and even preteens were far more common than they are now. The historically high levels of unemployment are a measure of federal manipulation. The worth of minimum wage is an unsupported myth. The harm of minimum wage is a long-documented fact.

[weikel]

If i received a correct order every now and then i might soften on this ...

I have a friend who had some MickeyD's employee mess up his McFlurry 4 times in a row.

[Red Jones]

that's exactly what I said weikel. Read the next statement.

So, there must be other factors at play