Not many Americans know that the value of the minimum wage has dropped significantly since its peak in 1968. One could have bought a grocery basket full of food with only one hour’s worth of minimum wage work in 1968 (working out to $10.75 in 2014 dollars) . Today, one would be hard pressed to stretch an hour’s worth of the current minimum wage ($7.25) to buy much more than milk and cereal.
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