After inflation, people making the U.S. minimum wage are earning less now than 60 years ago. (via CNBCMakeIt)
The federal minimum wage is at its lowest value since February 1956, analysis from the Economic Policy Institute shows.of Consumer Price Index data found that the $7.25 federal minimum wage hasn't been worth less since the Eisenhower administration, when the minimum wage was 75 cents, which would be worth $7.19 today.
"From basically the late 1950s until the early 1980s, Congress used to raise the minimum wage fairly frequently," David Cooper, director of the economic analysis and research network at the EPI, tells CNBC Make It. "It was only starting in the 1980s with the Reagan administration where we went through this long spell where we just didn't touch the federal minimum wage."
"We've gotten into this pattern where we let inflation just eat away at the minimum wage's value instead of doing something to make sure that it's still a more adequate wage for folks," Cooper says. "Think what that means for someone who's trying to afford rent, or a car payment, or student loans or whatever it may be," Cooper says. "That's an enormous difference in that person's quality of life."
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