The grey line shows the minimum wage, unadjusted for inflation, whereas the blue line shows you what it would be worth in 2012.
When President Franklin D. Roosevelt first created the minimum wage in 1938, it was 25 cents. Adjusted for inflation, that would be worth $4.07 today.
The minimum wage had its lowest buying power in 1948, when it was worth about $3.81 in today's dollars. It had its highest buying power in 1968, when it was worth about $10.56.
At $7.25 in 2012, our current minimum wage is in the middle of those two extremes.
President Obama's proposal to raise the minimum wage to $9 would put it back to a value last seen in the early 1980s.
The job market might be getting better...but not for teens
Their unemployment rate remains above 20% for the 40th month in a row, the first time this has happened since the government started keeping records in 1948.
Last month, it edged up to 23.8%, roughly the same as a year ago and up a bit since December. The national unemployment rate, meanwhile, has fallen to 8.3%.
Some 31 states and the District of MORETami Luhby - Mar 15, 2012 9:23 AM ET
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.81%||3.81%|
|15 yr fixed||3.01%||3.03%|
|30 yr refi||3.78%||3.79%|
|15 yr refi||3.00%||3.01%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|
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