What was the minimum wage in 1972?
What was the minimum wage in 1972?
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The federal minimum wage in 1972 was $1.60 per hour. The minimum wage is the lowest hourly wage that employers are required to pay their employees by law. In the United States, the federal minimum wage is set by Congress and applies to all states unless a higher minimum wage has been established by state law. In 1972, $1.60 had the same purchasing power as about $10.50 today when adjusted for inflation. It's worth noting that the minimum wage has not kept up with inflation over the years, which has led to calls for an increase in the minimum wage to help workers keep up with the rising cost of living.