Since the last federal minimum wage hike — to $7.25 an hour, starting July 24, 2009 — the cost of living has increased 20%, while the price of essentials such as housing and health care have increased even faster.
What was a living wage in 2009?
The federal minimum wage was raised to $7.25 per hour on July 24, 2009, an increase from $6.55 per hour—a rate set in July of 2008, which was itself an increase from $5.85 per hour set in 2007.
How much did a loaf of bread cost in 2009?
Buying power of $5 since 1997
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2008 | $8.03 | 14.61% |
| 2009 | $8.13 | 1.26% |
| 2010 | $7.99 | -1.73% |
| 2011 | $8.43 | 5.58% |
What happened when minimum wage was raised in 2009?
On July 24, 2009, the federal minimum wage will increase to $7.25 per hour. This is the final step of a three-step increase passed in 2007 when the minimum wage was only $5.15. However, when adjusted for inflation, the new federal minimum is still less than the minimum wage through most of the period from 1961 to 1981.
What was 2009 minimum wage?
$7.25
Minimum hourly wage of workers in jobs first covered by
| Effective Date | 1938 Act 1 | 1961 Amendments 2 |
|---|---|---|
| Jul 24, 2008 | $6.55 for all covered, nonexempt workers | $6.55 for all covered, nonexempt workers |
| Jul 24, 2009 | $7.25 for all covered, nonexempt workers | $7.25 for all covered, nonexempt workers |
How much was a gallon of gas in 2009?
Supporting Information
| Year | Retail Gasoline Price (Current dollars/gallon) | Retail Gasoline Price (Constant 2015 dollars/gallon) |
|---|---|---|
| 2008 | 3.27 | 3.61 |
| 2009 | 2.35 | 2.58 |
| 2010 | 2.79 | 3.02 |
| 2011 | 3.53 | 3.75 |
What was the average cost of rent in 2009?
The average rent back in 2009 was about $1,132, adjusted for inflation. But housing costs have soared in the past decade, pushing the average rent to almost $1,470 in February — or almost 30% higher than the typical rent in 2009, according to the latest RENTCafe report.
What was the cost of living in 2000?
Comparing the cost of living from 2000 to 2020: Inflation is a lot higher than you think and your purchasing power is declining. Comparing the cost of living from 2000 to 2020: Inflation is a lot higher than you think and your purchasing power is declining.
What was the cost of living adjustment in 1999?
a The COLA for December 1999 was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law 106-554, however, this COLA is effectively now 2.5 percent.
When was the first cost of living increase?
The first COLA, for June 1975, was based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the second quarter of 1974 to the first quarter of 1975. The 1976-83 COLAs were based on increases in the CPI-W from the first quarter of the prior year to…
