Fortune: 75-year-low: Federal minimum wage nears rock bottom
By Paolo Confino
Fortune, July 24, 2024. Also Yahoo Finance, AOL News, MSN
The federal minimum wage has not risen from $7.25 for 15 years. That run extends the longest such streak since the federal minimum wage was implemented in 1938.
However, because of inflation and changes in the cost-of-living, the federal minimum wage is worth far less now than at any point since 1949. A full time employee working 40 hours a week, 52 weeks a year would earn a total $15,080 a year, before taxes. And that assumes they have paid sick days...