That's a 33% increase since I entered the labour force.
Of course inflation has rose quite steeply during that same time period. But it's just mind boggling when you start crunching the numbers.
That's a 33% increase since I entered the labour force.
Of course inflation has rose quite steeply during that same time period. But it's just mind boggling when you start crunching the numbers.
In 2007, the US minimum wage was raised from $5.15 to $5.85. Current minimum wage is $7.25. If we consider the $5.15 wage, that $2.10, about a 40%-of-baseline increase. If we consider the $5.85 wage, about 25%.
A dollar in 2007 had the purchasing power of $1.24 today, a 24%-of-baseline increase. It's interesting that the minimum wage has tracked inflation almost perfectly since the 2007 hike.