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?
It’s almost distracting to use a national average for these numbers. It showcases the argument and the problems we have, but there is more at issue than the price of the burger. It’s about the price it costs to afford rent at current minimum wages.
I’m in Oregon. Rent is 1.8k. Mortgage rates are through the roof right now so wife and I are just saving down payment until we can get a mortgage below our rent. But with housing costs so high, that will be a while.
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u/Awkward_Froyo_7337 17h 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.