Take a Stand: Minimum wage is too low-Kansas
Take a Stand: Minimum wage is too low
By Graham Kreicker
April 27, 2008
Henry Ford had the novel idea that anyone building his cars should be able to afford to buy one. But most employers never bought this idea, and the period after Ford’s death was wracked by some of the worst labor strife in our history. Since those early days, every time a minimum wage has been implemented or increased, businessmen have screamed that the sky was falling. But the sky hasn’t fallen.
Here are 10 historical facts about minimum wages:
1. We had no minimum wage law until the Fair Labor Standards Act passed in 1938.
2. Since then, in terms of actual buying power, the value of the minimum wage peaked in 1968 — when it was just $1.58 per hour! Last year, according to the U.S. census, an equivalent minimum wage, in constant dollars, would have been $9.47.
This entry was posted on April 28, 2008 at 6:59 pm and is filed under Uncategorized with tags 95501, economy, eureka, Eureka Fair Compensation Act, humboldt, inflation, kansas, living wage, minimum wage, social justice, stagflation, working poor. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.