Where was that last increase in the minimum wage increase?
What has been the historical value of the federal minimum wage? The following graph depicts the historical value of the federal minimum wage adjusted for inflation relative. Further, since all earnings at minimum wage levels are subject to the “payroll tax” for OASDI/HI (Old Age, Survivors, and Disability Insurance – Health Insurance, i.e. Social Security and Medicare), the rate of which has varied since its inception, the net of that tax on every dollar is shown. It is clear from this graph that the minimum wage is today worth less than at any time in over 50 years! Democrats take action While Congressional Republicans have sat on their hands refusing to raise the minimum wage, Congressional Democrats are attempting to get the bill discharged from committee and force a vote. Meanwhile, labor groups have joined with Democrats in many states to force statewide initiatives onto this past November’s ballot. All of those states’ minimum wage proposals, which tied the wages to inflation, pa
