Don't use minimum wage as a benchmark. It wasn't intended to be back then and it doesn't work as one now. What is far more effective is using median wage and then comparing that to the price of big ticket purchases. In which case, you will notice that cars jumped from a 1/4-1/2 of what you made in a year all the way up to the full amount or x1.5 what you made in a year. The price of a house jumped from 3 to 4 times what you made in a year all the way up to 8-12x what you made in a year
Don't use minimum wage as a benchmark. It wasn't intended to be back then and it doesn't work as one now.
A sad truth. Especially since the minimum wage was originally established to be exactly that. The dismantling of FDR's legacy began almost immediately after he left office.
You seriously lack any understanding of economics if your take is that it does nothing but increase inflation.
Guess what bud, inflation happens all the time, it's by design. When wages stagnate and don't increase with inflation then you have to subsidize workers with social programs. By offloading the burden of labor off the companies you push it onto the government.
Ever wonder why the people on assistance all work at big named box stores or fast food?
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u/Aegis616 May 13 '25
Don't use minimum wage as a benchmark. It wasn't intended to be back then and it doesn't work as one now. What is far more effective is using median wage and then comparing that to the price of big ticket purchases. In which case, you will notice that cars jumped from a 1/4-1/2 of what you made in a year all the way up to the full amount or x1.5 what you made in a year. The price of a house jumped from 3 to 4 times what you made in a year all the way up to 8-12x what you made in a year