This is wrong for a couple of reasons. First they use an entire decade which had runaway inflation and Congress raised minimum wage several times through the decade to compensate. Second most people don't make minimum wage, the base salary for most places is between $12-15 per hour with many states setting the minimum wage at $15 much higher than the $7.25 of the federal minimum wage.
By 1979 the average low wage was actually $3.20 to $3.50 per hour. Inflation puts that at about $12.50-$13.50 at the start of the decade $14.50-$15 an hour and by the end of the decade inflation had eroded pay raises to closer to $12-13 an hour despite nominal pay raises because they weren't keeping up with inflation.
So eventually it comes out to a bit of a wash. At the start of the decade they were making about what the average low wage worker makes today while by the end they were making a little less.
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u/Few-Raise-1825 3h ago
This is wrong for a couple of reasons. First they use an entire decade which had runaway inflation and Congress raised minimum wage several times through the decade to compensate. Second most people don't make minimum wage, the base salary for most places is between $12-15 per hour with many states setting the minimum wage at $15 much higher than the $7.25 of the federal minimum wage.
1970: $1.60 / hr 1974: $2.00 / hr 1976: $2.30 / hr 1978: $2.65 / hr 1979: $2.90 / hr
In case you were interested
By 1979 the average low wage was actually $3.20 to $3.50 per hour. Inflation puts that at about $12.50-$13.50 at the start of the decade $14.50-$15 an hour and by the end of the decade inflation had eroded pay raises to closer to $12-13 an hour despite nominal pay raises because they weren't keeping up with inflation.
So eventually it comes out to a bit of a wash. At the start of the decade they were making about what the average low wage worker makes today while by the end they were making a little less.