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Many people are calling for federal minimum wage

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Many people are calling for the federal minimum wage to be raised to $15 per hour. Fifty years ago, in 1971, when the Consumer Price Index (CPI) was 40, the federal minimum wage was $1.60 per hour. The federal minimum wage was raised to its current rate of $7.25 per hour in 2009, when the CPI was 212. Today, the CPI is 280. Would a federal minimum wage of $15 per hour in 2022 be higher than, lower than, or the same as a minimum wage of $1.60 in 1971?

Reference no: EM133359354

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