I was in that pool during my earlie

I was in that pool during my
earliest years in the labor market,
but, like many, have moved up
the wage scale since then.
The U.S. minimum wage, at
almost 75 years old, remains the
topic of many academic studies
and much policy debate despite
the fact that only about 5 percent
of hourly employees are currently paid at or below the federal
minimum. The federal minimum wage started in the United
States with the Fair Labor Standards Act of 1938 at $0.25 per
hour. It is not indexed to inflation, increases only through new
legislation, and now stands at $7.25 per hour. (See Figure 1.)
Although legislation has increased the minimum wage 29-fold
since 1938, the inflation-adjusted (real) minimum wage has
exhibited dramatic variation. The real value of the minimum
wage fell by more than 20 percent from 1997 to 2006.
The high-water mark for its purchasing power was 1968. The
inflation-adjusted value of the minimum wage is now about
the same level as it was in 1982.