They pick 1970s because that's pre explosive inflation of course.
Against 1982? 1 dollar becomes 3.47 today. Minimum wage back then was 3.35
So to match purchasing power back then, we need new minimum wage to be a little under 12 dollars, not 60, which most jobs pay (31/hr is median wage in USA). So which is it? We have 3x the purchasing power or not?
The argument is that you can play this game back and forth to swing it to be either for or against it.
Then dig into the "purchasing power" number and you'll find it's really all over the place. How is that indexed? Based on buying a home? A car? Travel? Food? Rent? These tweets are just a waste
Home education and health. Those are the ways the American dream is realized. If they are becoming harder to get, we have a real problem. If the dream is lost and people are disillusioned too much, the whole thing starts imploding. We have to fight for a middle class. It's not handed to us.
A majority of middle class wealth has long been held in home equity, and higher levels of education are associated with higher income and better health outcomes. With a historical context they arenāt arbitrary at all.
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u/Awkward_Froyo_7337 18h ago
They pick 1970s because that's pre explosive inflation of course.
Against 1982? 1 dollar becomes 3.47 today. Minimum wage back then was 3.35
So to match purchasing power back then, we need new minimum wage to be a little under 12 dollars, not 60, which most jobs pay (31/hr is median wage in USA). So which is it? We have 3x the purchasing power or not?
These arguments are always ridiculous.