Because the minimum wage is not indexed to the price level, it has been legislatively increased from time to time to make up for the loss in its real value due to inflation. In nominal terms, the minimum wage has risen steadily since 1938 from 25 cents an hour to $5.15 where it now stands. But the legislated adjustments to the minimum wage have occurred at irregular intervals. As a result, there has been significant variation in the purchasing power of the minimum wage.
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Because the minimum wage is not indexed to the price level, it has been legislatively increased from time to time to make up for the loss in its real value due to inflation. In nominal terms, the minimum wage has risen steadily since 1938 from 25 cents an hour to $5.15 where it now stands. But the legislated adjustments to the minimum wage have occurred at irregular intervals. As a result, there has been significant variation in the purchasing power of the minimum wage.
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Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.