Question 21.116

5. The federal minimum wage has been $7.25 per hour since July 24, 2009. Has it kept pace with inflation over the years? Use a spreadsheet to analyze how it has risen since 1938 compared with the CPI. The CPI data from Table 21.5 can be downloaded from data.bls.gov/cgi- bin/surveymost?cu. (Check the first box, click “Retrieve data,” then in the next screen adjust the year “From” to 1938.) Find the data on federal minimum wage rates at www.dol.gov/whd/minwage/chart.htm. Prepare a short report with a graph.