California just announced that it will raise the minimum wage to $15 per hour by 2022. It will go up from $10 now to $10.50 in 2017, increase by another 50¢ in 2018, followed by one-dollar increments until it hits $15. After that, it will be fixed to inflation.
Assuming that inflation runs at 2% per year between now and 2022 (using the IMF projection), the new minimum wage will be only 8% above its 1968 peak in 2015 dollars, using the California CPI:
To be fair, the minimum wage was only briefly in that range, so it is quite possible that it will have bad effects on California’s economy. But it is not as unprecedented as it looks if you remember that American inflation in not likely to drop to zero over the next six years.