Sunday, June 16, will mark the longest period that Americans have gone without an increase in the federal minimum wage since it was enacted in 1938, according to a news release Wednesday from the Business for a Fair Minimum Wage advocacy group.
More than 700 business owners across the country — from mom-and-pop shops to regional chains and national brands — have signed a Business for a Fair Minimum Wage statement supporting raising the minimum wage to $15 by 2024, which the congressional Raise the Wage Act would do.
On June 16, it will have been almost 10 years since the minimum wage was last increased on July 24, 2009 — passing the prior record set Sept. 1, 1997-July 24, 2007. The federal minimum wage, set at $7.25 an hour since 2009, is worth less than it was in 1950, adjusted for inflation, according to the group.
The group contends the low minimum wage depresses consumer buying power.