Quick Answer: What Would Minimum Wage Be If It Kept Up With Inflation?

What state has lowest minimum wage?

GeorgiaThe two states with the lowest minimum wage are Georgia ($5.15) and Wyoming ($5.15).

However, employers in Georgia and Wyoming who are subject to the Fair Labor Standards Act must still pay the $7.25 Federal minimum wage..

What states will raise minimum wage in 2020?

In addition to Missouri and Illinois, the following 19 states will also be increasing their minimum wages at the beginning of 2020: Alaska ($10.19), Arizona ($12), Arkansas ($10), California ($12 for small employers and $13 for large employers), Colorado ($12), Florida ($8.56), Maine ($12), Maryland ($11), …

What was min wage in 1977?

Minimum hourly wage of workers in jobs first covered byEffective Date1938 Act 11961 Amendments 2Jan 1, 1976$2.30$2.30Jan 1, 1977Jan 1, 1978$2.65 for all covered, nonexempt workers$2.65 for all covered, nonexempt workersJan 1, 1979$2.90 for all covered, nonexempt workers$2.90 for all covered, nonexempt workers25 more rows

What would minimum wage be if kept up with inflation?

In such a world, a full-time minimum wage worker would be earning $48,000 a year in the United States. If the minimum wage had kept pace with inflation since 1968, it would be close to $12 an hour today, more than 65 percent higher than the national minimum wage of $7.25 an hour.

Has the federal national minimum wage kept up with inflation?

The minimum wage in context. Since its inception in 1938, the federal minimum wage has been adjusted through legislated increases nine times—from a nominal (non-inflation-adjusted) value of 25 cents per hour in 1938 to the current $7.25, where it has remained since 2009.

Would a $15 minimum wage cause inflation?

Key Takeaways. Raising the minimum wage has been both an social-economic and political issue for decades, with recent pushes to raise the federal minimum wage to $15/hr. Some economists argue that raising the minimum wage artificially creates imbalances in the labor market and leads to inflation.

What happens if minimum wage goes up?

Pros of a Higher Minimum Wage Increased wages and spending raise demand and create more jobs. Workers stay with employers longer (instead of seeking out better-paying work with other companies) reducing businesses’ turnover, hiring, and training costs. Lower unemployment and higher wages increase tax revenues.

What states are raising the minimum wage in 2020?

The states that raised their wages at the start of 2020, or will later this year, include:Alaska, with an hourly increase from $9.89 to $10.19.Arizona, $11 to $12.Arkansas, $9.25 to $10.California, $12 to $13.Colorado, $11.10 to $12.Connecticut, $11 to $12 on Sept. … Florida, $8.46 to $8.56.Illinois, $8.25 to $9.25.More items…•

What would minimum wage be if it kept up with productivity?

A minimum wage of $24 an hour would mean that a full-time full year minimum wage worker would be earning $48,000 a year. A two minimum wage earning couple would have a family income of $96,000 a year, enough to put them in the top quintile of the current income distribution.

What year will minimum wage be $15?

2022On April 4, California Governor Jerry Brown signed SB 3 into law. The new law increases the minimum wage to $15 per hour by Jan. 1, 2022, for employers with 26 or more employees.

Will prices go up if minimum wage increases?

New research shows that the pass-through effect on prices is fleeting and much smaller than previously thought. … They also observe that small minimum wage increases do not lead to higher prices and may actually reduce prices.