tag:blogger.com,1999:blog-5037190876571380696.post237051909930933847..comments2023-11-25T03:11:51.759-06:00Comments on On Today's Page: More Minimum Wage Action At Angry BearDenis Drewhttp://www.blogger.com/profile/11833367196756465896noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5037190876571380696.post-54612524764255758212013-02-18T09:53:12.227-06:002013-02-18T09:53:12.227-06:00If the federal minimum wage had gradually grown 50...If the federal minimum wage had gradually grown 50% from 1968 to present (from $10.50/hr to $15/hr) as per capita income grew 100% I don't think anyone should have objected strenuously to $15/hr today. In many economies the minimum wage is indexed to automatically grow in step with both inflation an increases in average income -- in which case the American minimum wage would be even higher than that ...<br /><br />... depending on whose growth and income numbers you go by. The most commonly accepted inflation measure (CPI-U, used by the BLS) says the minimum was $10.50 in 1968. Another (sounds like CPI-U-RS, used by the Census) say it was only $9.25/hr. Double indexing (inflation and growth) would not give a much different overall index result however because when inflation registers lower, growth registers higher (because money is worth more) ...<br /><br />... in which double indexing case the American minimum wage would be closer to $20/hr.Denis Drewhttps://www.blogger.com/profile/11833367196756465896noreply@blogger.com