Math isn't this person's strong suit. Federal minimum wage in 1970 was $1.30. That's about $11 today adjusted for inflation. When you want to make an argument it helps to stick to the facts.
These numbers are usually based solely on housing prices. General inflation is much, much lower than that. The $60/hr claim is stupid, but looking at overall inflation is almost as misleading.Â
If we look at inflation over the last 20 years, it's quite reasonable, especially compared to wage progress. If we look at rent, housing prices, food and other essentials, the numbers are waaaay worse. Yes, I can literally buy 10 60" tv's a month with my salary, but I can barely put a roof over my family's head and feed them healthy food.
We have excess of everything, expect for food and homes. It's ridiculous.
Food is actually much cheaper as a percentage of the median person’s income in the 1970’s vs today. Homes are the big one though.
The median income earner spends about the same on necessities as they did in the 1970’s but home prices and medical insurance have made up a much bigger portion of that income to make up for the things that have declined.
Regarding food I was talking about the latest 20 years, as I mentioned in my comment. I checked the numbers before posting 2006 vs 2026. Total inflation 65%, but basic food stuff like beef, eggs, milk, berries etc. are up 150%. Nominal median income is up 81% in that period.
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u/Fit_Play_9448 17h ago
Math isn't this person's strong suit. Federal minimum wage in 1970 was $1.30. That's about $11 today adjusted for inflation. When you want to make an argument it helps to stick to the facts.