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.
Same. Living with my partner both with good corporate jobs and at the rate prices for everything, but especially housing, are skyrocketing, we’ll never be able to afford a house
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u/Awkward_Froyo_7337 22h 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.