With both the "great resignation" and inflation in the news, I decided that it was time to look at the US minimum wage again and put my findings in a single chart.
- After stabilizing around 1950, there appears to be a floor near $6.00 (2009 value) for the minimum wage. The current wage is $6.01 in 2009 dollars.
- The highest minimum wage was in 1968 with the second highest in 1978. There was significant inflation during this time period.
- If we wish to match the highest historical value, then 1968's wage translates to $12.62 today.
- If the highest historical value seems too high, then we could aim for the second highest. The 1978 wage would give us $11.30 today.
- If we simply wanted to match the last increase, then 2009's $7.25 would be $9.39 today.