Source: GeoFRED
Today’s (yawn!) NFP numbers are a good a time to take a quick look at the ongoing minimum wage discussion in DC. The debate is if, when, and how the federal minimum should increase. The chart above (via FRED) shows the minimum wage on a state by state basis.
The federal minimum wage has remained constant at $7.25 per hour since July 2009. This is the longest stretch the USA has ever gone without an increase in the minimum wage in its entire existence.
The real value of this wage has declined over the past decade. This is true whether you look at the lowest paid workers in America on the basis of Inflation, Corporate profitability, Productivity or whether working full time minimum wage gets you over the poverty level.
Previously:
Minimum Wage Solution: $12/hour with COLA (February 12, 2021)
Minimum Wage Increases Do Not Destroy Jobs (January 30, 2019)
