The federal minimum wage was raised to $5.15 an hour, effective September 1, 1997. It remained at that level for nearly a decade.
The value of $5.15 in 1997 was equal to the buying power of $8.20 today. The value of $5.15 by 2007 had decreased to just $6.36 in today's dollars.
In 1997, the median sales price of newly-constructed homes sold in the US was $146,000 (equivalent to $232,598.91 in today's dollars) and a gallon of gas cost $1.23. In 2007, the median sales price of newly constructed homes sold in the US was $247,900 (equivalent to $306,343.64 in today's dollars) and a gallon of gas cost $2.80.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
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