Inflation has been wreaking havoc on many Americans’ bottom lines, driving up prices for groceries, retail and home goods and even the gasoline it takes to get to a job that provides the income to pay for these necessities. However, the millions that are making the federal minimum wage, currently set at $7.25, are likely feeling the pinch even more.
See: Here’s What the US Minimum Wage Was the Year You Were Born
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According to new data released by the Economic Policy Institute, the actual value of minimum wage earnings is the lowest it’s been in 66 years, when adjusted for inflation and the cost of living. Meaning that someone today making $7.25 an hour is in theory earning less value for their income than someone in the 1950s. The last time the value of minimum wage earnings was lower was in 1956 when the standard was set at $0.75, or $7.19 when evaluated at the value of the dollar in June 2022.
This news comes at the same time the Raise The Wage Act has been mulling about in Congress since 2021, when it was first proposed arguing that there should be a significant increase in the federal minimum wage, raising it to a standard $15/hour, which many argue would provide a more rational living wage. In fact, according to Bloomberg, citing a report by Oxfam America, every...
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