What Should Minimum Wage Be In 2020 Adjusted For Inflation?

What would the current minimum wage be if it was adjusted for inflation since its high point in 1968?

Actual minimum wage (2016$)Minimum wage if it had grown with average wages1967$ 8.751968$ 9.63$ 9.631969$ 9.21$ 9.801970$ 8.79$ 9.9075 more rows•Jul 25, 2016.

What year will minimum wage be $15?

On Thursday, July 18, the U.S. House of Representatives is set to vote on a proposal to gradually raise the federal minimum wage to $15 per hour by October 2025.

Would a $15 minimum wage cause inflation?

Key Takeaways. Raising the minimum wage has been both an social-economic and political issue for decades, with recent pushes to raise the federal minimum wage to $15/hr. Some economists argue that raising the minimum wage artificially creates imbalances in the labor market and leads to inflation.

When was the last time minimum wage was adjusted for inflation?

2009In 2018, the federal minimum wage of $7.25 was worth 14.8 percent less than when it was last raised in 2009, after adjusting for inflation, and 28.6 percent below its peak value in 1968, when the minimum wage was the equivalent of $10.15 in 2018 dollars.

What would minimum wage be if adjusted for inflation?

Raising the federal minimum wage to $15 an hour by 2025 would raise wages of up to 27.3 million workers and lift 1.3 million families out of poverty, according to a report by the Congressional Budget Office.

What should minimum wage be in 2020 based on inflation?

In such a world, a full-time minimum wage worker would be earning $48,000 a year in the United States. If the minimum wage had kept pace with inflation since 1968, it would be close to $12 an hour today, more than 65 percent higher than the national minimum wage of $7.25 an hour.