On May 1, 1974, the federal minimum wage rose from $1.60 to $2.00 an hour. In today’s dollars, this would equate to an increase from $7.67 to $9.60. Yet today, the federal minimum wage is just $7.25. After 14 wage increases over the past 40 years, minimum wage workers have less buying power now than they did in 1974. According to Out of Reach 2014, a minimum wage worker today has to work, on average, 104 hours a week to afford a modest two-bedroom rental unit.
View the Out of Reach 2014 report at: www.nlihc.org/oor/2014
NLIHC will mark its 40th anniversary throughout 2014, culminating in a commemorative event on Monday, November 17 in Washington, DC. Please save the date.