Source: The Washington Post
When you were 18 in 1971, the minimum wage was $1.60. In 2021 dollars, that’s $10.52, compared to the $7.25 minimum wage.
But the buying power of that wage was different depending on what you were buying. Some costs have risen faster than others since then.
This is a very nice tool for comparing buying power then and now. It shows that the current minimum of $7.50 is much lower than we assume from our past experience.