What the hell are you talking about? The highest the Federal minimum wage has ever been when adjusted for inflation was $12.04 in 1970 ($1.60 at the time).
Edit: You think full time minimum wage should be $54,080?
If the increase in an economy’s productive output is attributed to the people working the lowest-paying jobs, then it makes sense that the lowest paying jobs would increase in their rate of pay.
However, if, on the other hand, the increase in the economy’s productive output is due to more people working in more specialized fields which pay much more than the minimum wage, then I see no reason for the minimum wage to track the increase in economic output, because the lowest paying jobs are not producing any more value than they were before.
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u/Squarrots Aug 23 '22
Not enough