A group of House Democrats have proposed increasing the minimum wage to $10, which, as Rep. Jesse Jackson Jr. (D-IL) pointed out would allow the wage to “catch up” with where it would be had it been allowed to grow with inflation:
Rep. Jesse Jackson Jr. (D-Ill.) and 17 House Democrats, including several Congressional Black Caucus members, proposed legislation Wednesday that would increase the minimum wage to $10 an hour.
Jackson said his bill, the Catching Up to 1968 Act, is needed to give low-income workers a way to “catch up” to inflation, which continues to eat away at the current federal minimum wage of $7.25 an hour. He also said it would give these workers more income and boost overall demand for the struggling economy.
The minimum wage hit its peak buying power in 1968; to have the same buying power today, the minimum wage would have to be $9.92. If the minimum wage had been indexed to the Consumer Price Index since 1968, it would be approximately $10.40 today.