The House of Representatives is scheduled to vote on the Raise the Wage Act
on Thursday. The bill, introduced by House Democrats in January, aims to gradually raise the federal minimum wage to $15 by 2025, more than doubling it from the current rate of $7.25.
While experts consider the bill likely to pass in the Democratic-led House, it would have to pass the Republican Senate and the President’s desk to be signed into law, both of which looks very unlikely at this point.
While the minimum wage may not be raised to $15 in the near future, a more moderate hike seems slightly more likely. After all, it has been unchanged since 2009 – the longest period of standstill since its introduction in 1938
. Adjusted for inflation, the minimum wage has been above the current rate for large parts of the 20th century, with 1968 marking the peak. Back then, the minimum hourly earnings for U.S. workers amounted to $11.69 in 2019 dollars.