Restoring the Minimum Wage Would Strengthen Social Security Protections for Low-Wage Workers and Improve System Finances

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The federal minimum wage is lower today than it was in 1969: $7.25 today vs. $9.39 (in today’s dollars) then. This erosion is part of the broader trend of weak and unequal wage growth, which has caused about a third of the long-term Social Security shortfall that has emerged since balance was restored in 1983. Restoring the minimum wage, and indexing it to inflation, would enhance the Social Security protections of low-income families, while also improving Social Security’s finances.

Restoring the Minimum Wage Would Strengthen Social Security Protections for Low-Wage Workers and Improve System Finances

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