Minimum Wage Impact

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Miscellaneous

 

Written by:

Carmen R

 

Date added:

July 5, 2013

 

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A

 

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11 / 2991

 

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8533 times

 

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The numbers suggest the answer lies somewhere in between. Increases in the minimum wage sometimes have been followed by dramatic spikes in the nation's unemployment rate, as was the case in the early 1980s, as well as lulls or even decreases in unemployment, as happened in the late 1990s. Contrary to its more recent stagnation, the minimum wage increased almost annually in the 1960s and 1970s, hitting an inflation-adjusted high of $1...
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Bureau of Labor Statistics. During the 1970s, seasonally adjusted unemployment varied wildly, from 3.9 percent in January 1970 to 8.1 percent in 1975 and then back down to 5.9 percent in 1979. The wage grew to $3.35 an hour in 1981, but would not budge from there until 1990. Following the 1981 increase, national unemployment hit its highest rate since the Depression...
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