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 $25 2024 -Real federal min wage 2018$ $2219 -Nominal min wage -Projected if the min wage rose with productivity 2018$ 20 $1500 15 I 1$1298 1968 $1015 10 2018 5 $725 0 1940 1960 1980 2000 2020 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 Economic Policy Institute “Why people are working for anything less than a livable wage?” Meme

found ON 2019-05-16 11:53:24 BY ME.ME

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