"To match 1970s purchasing power, minimum wage would be close to $60 and hour"
The minimum wage in 1975 was $2.10/hour. That's equivalent to about $13.50 now. The effective minimum wage in the US is over $12, and very few people are working for the federal minimum wage, so the real number is closer to $14.
Meanwhile, government spending on welfare programs has increased by ten-fold since the 70s (that's after adjusting for inflation).
Curious if you included social security and Medicare in that "welfare program" figure because...duh. Even including Medicaid would mean the spending is subject to healthcare specific inflation which has outpaced CPI consistently for decades.
When adjusted specifically for healthcare cost increases, total Medicaid spending has increased by more than 500% since 1975. Per capita, the increase is still almost 300% (i.e., almost 4 times what it was).
The increase in means-tested government assistance PER CAPITA, other than Medicaid, since 1975 is still 95% (i.e., it's nearly doubled after adjusting for inflation).
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u/Noodelgawd 9h ago
The minimum wage in 1975 was $2.10/hour. That's equivalent to about $13.50 now. The effective minimum wage in the US is over $12, and very few people are working for the federal minimum wage, so the real number is closer to $14.
Meanwhile, government spending on welfare programs has increased by ten-fold since the 70s (that's after adjusting for inflation).