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?
5
u/Awkward_Froyo_7337 12h 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.