California’s minimum wage is set to rise to $15/hour over the next six years. While this topic has been beat to death, it is seldom pointed out that the inflation-adjusted minimum wage, based on 78 years of precedent, at most should only be around $10 per hour. Arecent UnionWatch post “Raise the Minimum Wage, or Lower the Cost of Living?,” proved this using CPI data. As can be seen, only once, in 1968, did the minimum wage in 2015 dollars exceed $10/hour.
Historical Minimum Wages Expressed in 2015 Dollars
A lot of things have happened since 1968, of course. To name just two, theearned income tax creditdidn’t arrive until 1975, and theAffordable Care Act, offering health insurance to low-income… Read More