, the federally mandated minimum wage hasn't budged in over a decade.
By observing the changing hourly minimum rates over the years, juxtaposed alongside their relative value in today's dollars, we can clearly see that incremental increases haven't been remotely enough to ensure minimum wage workers' ability to live in today's economy. Here's every minimum wage increase, including its value in today's dollars, the cost of a new home in the given year, and the cost of a gallon of gas in the given year.and are current as of the value of a dollar in December 2019.Steelworker at Galvanizing Machine, Pittsburgh, Pennsylvania, USA, Arthur Rothstein for Farm Security Administration, July 1938.The first federal minimum wage was $0.25 an hour, effective October 24, 1938. In today's dollars, that's equal to $4.
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