the minimum wage was established in the us in 1938.
the minimum wage was established in the us in 1938.
when was the minimum wage established in the us?
1938
the federal minimum wage was introduced in 1938 at the rate of $0.25 per hour (). by 1950 the minimum wage had risen to $0.75 per hour. the minimum wage had its highest purchasing power in 1968, when it was $1.60 per hour (). the real value of the federal minimum wage in 2016 dollars has decreased by one-third since 1968. the minimum wage would be $11 in 2016 if its real value had remained at the 1968 level. from january 1981 to april 1990, the minimum wage was frozen at $3.35 per hour, then a record-setting minimum wage freeze. from september 1, 1997 through july 23, 2007, the federal minimum wage remained constant at $5.15 per hour, breaking the old record. in 2009 the minimum wage was adjusted to $7.25 where it has remained fixed for the past nine years.
minimum wage in the united states
kim chang-hwan, a professor of sociology at the university of kansas, usa, also objected to ju jin-hyung's argument. in his blog he wrote, "the effect of the minimum hourly rate on the labor market is not established academically. the theory of economics suggests that if the minimum hourly rate is increased, the employment rate decreases. but the reality is that the minimum rate is cleaner than the theory." he also pointed out that there is a disagreement about whether it is bad for employment to decline by raising the minimum wage, and that high wages have the effect of promoting structural reforms and forcing productivity improvements. he said, "if businesses and self-employed people who can not afford the minimum wage are closed, the capital is absorbed into capital that can give more than the minimum wage, rather than being publicly decomposed. in this case, the productivity of the economy as a whole is improved and structural upgrading is forced." professor kim also pointed out that the conservative press, which is promoting the 'minimization of employment by the minimum wage', is using the 'minimum wage increase' as a means of ideological struggle even though the new minimum wage is not applied yet. and he criticized ju jin-hyung, "if the minimum wage increase was a big problem, you should criticize the increase by 9% over 1989 and 12 times over 30 years. until now, you have been quiet, but once the minimum wage raised the 16%, you can not criticize the minimum wage increase policy. if the korean economy was ruined because the minimum wage was high, it would have been ruined."
minimum wage in south korea