The Truth About Minimum Wage

The Truth About Minimum Wage

This Math project involves comparing minimum wages during specific years and explaining the process of figuring out minimum wages with all the different data. I will show two detailed tables in this paper. The first table showing the years from 1950 to 2013 Federal Minimum Wage, the CPI of 1950 to 2013, the Federal Minimum Wage adjusted to the CPI of 2013 and the current year Federal Minimum Wage adjusted to 2013 dollars. In the second table we were asked to show the Federal Minimum Wage of the years 1968 to 2013, the CPI of 1968 to 2013 and the Federal Minimum Wage adjusted to 2013. To provide a better visual of the two tables I created, I also created three graphs. These graphs will help compare the data from the tables and therefore help provide a visual comparison of the data for the different time periods.

2. Table One – Federal Minimum Wage Project

1950 FMW
Federal Adjusted For Current Year
Minimum CPI To FMW Adjusted
Year Wage CPI Current Year To 2013 $
1950 $0.75 24.1 $0.75 $7.29
1951 $0.75 26 $0.81 $6.76
1952 $0.75 26.5 $0.82 $6.63
1953 $0.75 26.7 $0.83 $6.58
1954 $0.75 26.9 $0.84 $6.54
1955 $0.75 26.8 $0.83 $6.56
1956 $1.00 27.2 $0.85 $8.62
1957 $1.00 28.1 $0.87 $8.34
1958 $1.00 28.9 $0.90 $8.11
1959 $1.00 29.1 $0.91 $8.05
1960 $1.00 29.6 $0.92 $7.92
1961 $1.25 29.9 $0.93 $9.80
1962 $1.25 30.2 $0.94 $9.70
1963 $1.25 30.6 $0.95 $9.58
1964 $1.25 31 $0.96 $9.45
1965 $1.25 31.5 $0.98 $9.30
1966 $1.25 32.4 $1.01 $9.04
1967 $1.40 33.4 $1.04 $9.83
1968 $1.60 34.8 $1.08 $10.78
1969 $1.60 36.7 $1.14 $10.22
1970 $1.60 38.8 $1.21 $9.67
1971 $1.60 40.5 $1.26 $9.26
1972 $1.60 41.8 $1.30 $8.97
1973 $1.60 44.4 $1.38 $8.45
1974 $2.00 49.3 $1.53 $9.51
1975 $2.10 53.8 $1.67 $9.15
1976 $2.30 56.9 $1.77 $9.47
1977 $2.30 60.6 $1.88 $8.90
1978 $2.65 65.2 $2.03 $9.53

1979 $2.90 72.6 $2.26 $9.36
1980 $3.10 82.4 $2.56 $8.82
1981 $3.35 90.9 $2.83 $8.64
1982 $3.35 96.5 $3.00 $8.14
1983 $3.35 99.6 $3.10 $7.88
1984 $3.35 103.9 $3.23 $7.56
1985 $3.35 107.6 $3.35 $7.30
1986 $3.35 109.6 $3.41 $7.16
1987 $3.35 113.6 $3.53 $6.91
1988 $3.35 118.3 $3.68 $6.64
1989 $3.35 124 $3.86 $6.33
1990 $3.80 130.7 $4.06 $6.81
1991 $4.25 136.2 $4.24 $7.31
1992 $4.25 140.3 $4.36 $7.10
1993 $4.25 144.5 $4.49 $6.89
1994 $4.25 148.2 $4.61 $6.72
1995 $4.25 152.4 $4.74 $6.54
1996 $4.75 156.9 $4.88 $7.10
1997 $5.15 160.5 $4.99 $7.52
1998 $5.15 163 $5.07 $7.41
1999 $5.15 166.6 $5.18 $7.25
2000 $5.15 172 $5.35 $7.02
2001 $5.15 177.1 $5.51 $6.82
2002 $5.15 179.9 $5.60 $6.71
2003 $5.15 184 $5.72 $6.56
2004 $5.15 188.9 $5.87 $6.39
2005 $5.15 195.3 $6.07 $6.18
2006 $5.15 201.6 $6.27 $5.99
2007 $5.85 207.3 $6.45 $6.61
2008 $6.55 215.3 $6.70 $7.13
2009 $7.25 214.5 $6.67 $7.92
2010 $7.25 218.1 $6.78 $7.79
2011 $7.25 224.9 $6.99 $7.56
2012 $7.25 229.6 $7.14 $7.40
2013 $7.25 234.4 $7.29 $7.25

3.
To calculate the 1950 Federal Minimum Wage for the CPI to 2013, you will need to take the CPI of the year your trying to figure out and divide it by the CPI of 2013. Then you multiply that number by 7.29 to get the amount you were looking for. In order to find the Federal Minimum Wage adjusted to 2013 dollars, you will need to take the CPI of the year 2013 divide it by the CPI of the year you’re trying to calculate for, then multiply that number by the Federal Minimum Wage of that year.