The minimum wage, if adjusted for CPI-weighted value, will put 1947 minimum wage equal to $3.87/hr today. However, that is if you trust the CPI. Last year's hike in gas prices alone put the real inflation at 10-12% per my calculations basically wiping away years of snail-paced increase in barely livable wages.
Without the gas prices included in the CPI calculation, with direct impact on the price of food/goods/services, the increase in minimum wage is akin to declaring a semi-naked, totally famished man walking on the street who was unable to afford gas a good example of our living standards!
About Economy
Read the Article at HuffingtonPost
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