Let’s start with the number that’s been gathering dust since 2009: $7.25 an hour. That’s the federal minimum wage, and it hasn’t budged in over 14 years. To put that in perspective, the iPhone was on its third generation, and “Gangnam Style” hadn’t even been uploaded yet.
Inflation has quietly eaten away at that $7.25 like a sneaky kid with a cookie jar. Adjusted for purchasing power, it’s now worth about $5.50 in 2009 dollars—so you’re effectively working for less than you would have a decade ago. Fun fact: a worker earning the federal minimum today would need to work 94 hours a week just to afford a modest one-bedroom apartment, according to the National Low Income Housing Coalition.
