The first attempt at establishing a national minimum wage, a part of 1933's sweeping National Industrial Recovery Act, was struck down by the Supreme Court in 1935. But in 1938, under the Fair Labor Standards Act, President Franklin D. Roosevelt signed into law a minimum hourly wage of 25 cents'$4.07 in today's dollars. Three-quarters of a century later, we are still debating the merits of this cornerstone of the New Deal. Do we need government to ensure a decent paycheck, or would low-wage workers and the economy be better off without its intervention?
Nouriel Roubini3 Items
More from Nouriel Roubini
- Professor, Economics and International Business, Stern School of Business, New York University.
Laura Tyson2 Items
More from Laura Tyson
- S.K. and Angela Chan Professor of Global Management, Haas School of Business at the University of California Berkeley