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The Minimum Wage Is Worth $2 Less Today Than It Was In 1968: Study

06/18/2013 04:58 pm ET | Updated Jun 20, 2013
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The federal minimum wage of $7.25 is worth $2 less today than it was in 1968 when adjusted for inflation. That's one of the findings in a June study by the non-partisan Economic Policy Institute on the economic position of Blacks in America.

Today, the minimum wage, which hasn't increased since 2009, falls short of a living wage. According to the EPI study, a full-time worker would need to earn $11.06 an hour in 2011 to keep a family of four out of poverty.

The real value of the minimum wage peaked in 1968, when it was $1.60.

Over the past 50 years, the minimum wage has seen little to no growth as worker productivity has surged. In fact, if the minimum wage kept pace with increases in worker productivity, it would now stand at $21.72 per hour.

In February, President Barack Obama proposed raising the the federal minimum wage to $9 an hour. Republican lawmakers unanimously voted down a House proposal to raise the minimum wage in March.

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