I'm going to keep on making the case and fighting for the fact that we need to raise our minimum wage, because right now it's in lower terms than it was when Ronald Reagan took office.

from President Barack Obama – Remarks by the President on Jobs for the Middle Class, 07/30/13 on Rap Genius

Meaning

When Ronald Reagan took office the US minimum wage was $3.35 per hour. Adjusted for inflation, that would be the equivalent of $8.61 today.

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