How the spending power of the minimum wage has changed since you were young

February 26, 2021 ☼ economyminimum-wage$15

Source: The Washington Post

Link: How the spending power of the minimum wage has changed since you were young

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.