The first federal minimum wage was established in 1938 at ($0.25) an hour. Adjusted for inflation, that
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The first federal minimum wage was established in 1938 at \($0.25\) an hour. Adjusted for inflation, that would be worth \($4.63\) an hour in 2021. In 2002, the federal minimum wage was \($5.15\) an hour. In 2021 dollars, that is the equivalent of \($7.65\) .
Using the data in the news clip, by what percentage did the CPI increase between 1938 and 2021, and between 2002 and 2021?
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According to the problem the minimum wage of 025 in 1938 is equivalent to 463 in 2021 This equality ...View the full answer
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