The EPI article, Raising the federal minimum wage to $15 by 2024 would life pay for nearly 40 million workers, by David Cooper (2/5/19) covers their analysis of raising the minimum wage. Their graph here shows the gap between the minimum wage and median wage over time. The report is lengthy and detailed. A few quick highlights:
Raising the minimum wage to $15 by 2024 would undo the erosion of the value of the real minimum wage that began primarily in the 1980s. In fact, by 2021, for the first time in over 50 years, the federal minimum wage would exceed its historical inflation-adjusted high point, set in 1968.
All told, raising the minimum wage to $15 by 2024 would directly or indirectly lift wages for 39.7 million workers, 26.6 percent of the wage-earning workforce.
Indexing the minimum wage to the median wage would ensure that low-wage workers share in broad improvements in U.S. living standards and would prevent future growth in inequality between low- and middle-wage workers.
The article has over 20 graphs/charts/tables and each one has the associated data. The report does include “a discussion of the research on the likely effects such a raise would have on businesses, employment, and low-wage workers’ welfare.”