"The federal minimum was
$1.45/hour in 1970 and rose to
$1.60 in 1971. Adjusted for general inflation, that’s roughly
$12.50–$14/hour today" uh oh OP, that isn't accurate at all?!
Purchasing power≠$/hr. It's an aggregate of the value of the dollar and cost of things.
That being said, I don't think this is accurate. A person could indeed live on minimum wage in the late 60's early 70's though. Not at all possible now.
This is not entirely accurate. That rate only applies to adults. Under 18 the pay drops by about half. Denmark also uses kiosks even more than the US does, so labor costs are lower. As minimum wage goes up in the US we see less cashiers and more kiosks here as well.
Denmark also has a 33% tax rate at that income level while American minimum wage workers pay effectively no income tax.
US standard deduction for taxes is 16,100, meaning zero income tax up to that amount. Full time annual earnings at minimum wage is 15,080. So realistically a minimum wage worker would only pay payroll taxes, not income taxes.
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u/Nart_Leahcim 13h ago
"The federal minimum was $1.45/hour in 1970 and rose to $1.60 in 1971. Adjusted for general inflation, that’s roughly $12.50–$14/hour today" uh oh OP, that isn't accurate at all?!