Minimum Wage Impact
Introduction
Supporters of increasing the federal minimum wage contended it would offer significant changes to the lives of millions of working-class Americans. Opponents insisted the measure would cost the economy hundreds of thousands of jobs and provide only marginal help to a relatively small group of wage earners. 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 $1.60 ($9.27 in 2007 dollars) in 1968 and staying around that level through the following decade, according to the U.S. Bureau of Labor Statistics. During the 1970s, seasonally adjusted unemployment varied wildly, from 3.9 percent in......
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