The inflation-adjusted value of the minimum wage is 29 percent lower today than it was in 1979. The minimum wage is worth less today than it has been in 49 of the past 50 years.
If the minimum wage had kept pace with inflation since 1968 when it was a $1.60 an hour, it would be $7.60 an hour in 2005.
A full-time, year-round worker would need to make $7.74 an hour to reach the poverty level for a family of three in 2005 ($16,090)—$2.59 more than the current minimum wage.