“The minimum wage has not always left a single income-earner for a family of three so far below the poverty line. In 1968, when minimum wage was at it’s highest point ever, that same breadwinner would have made $19,245 a year in today’s dollars — roughly a third more than he or she makes now.
In 1981, in an attempt to fight inflation, the minimum wage was frozen at $3.35 per hour despite the rising cost of living. It wasn’t bumped up until 1990, by which point it had fallen well below the poverty line for a family of two (about $2,500 lower than for a family of three). From 1997 to 2007, the minimum wage remained stuck at $5.15 per hour, as, once again, the cost of living continued to increase.”
Rethinking the Minimum Wage, Bill Moyers: