Comment on Anon describes past

Lyra_Lycan@lemmy.blahaj.zone ⁨6⁩ ⁨months⁩ ago

• JohnDClay@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

  Federal minimum wage in 1965 was $1.25/h, which is $12.69/h today. Looks like Alaska had the highest state minimum at $2.10, $21.32 today. Or were you taking more average rather than minimum wage?

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  • bnrnrtbgd@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

    They never said anything about minimum wage.

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    • JohnDClay@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

      In 2023 median hourly wage was $19.24/h, vs in 1979 it was $4.44/h or $19.56/h inflation adjusted. (This data doesn’t go back to 1965 unfortunately)

      statista.com/…/median-hourly-earnings-of-wage-and…

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      • LodeMike@lemmy.today ⁨5⁩ ⁨weeks⁩ ago

        Hourly wage makes that number meaningless for this thread

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      • prole@lemmy.blahaj.zone ⁨6⁩ ⁨months⁩ ago

        There is a reason median is used here… If you take into account the massive (and constantly growing) income gap, it’s obvious that things have gotten worse for the average American.

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  • BlindFrog@lemmy.world ⁨6⁩ ⁨months⁩ ago

    Idk who’s closer, guys. Where the sauce at :u

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    • JohnDClay@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

      kaggle.com/…/us-minimum-wage-by-state-from-1968-t…

      infoplease.com/…/annual-federal-minimum-wage-rate…

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  • Alaknar@lemm.ee ⁨6⁩ ⁨months⁩ ago

    They’re not talking about “wage”, they’re talking about “value”. I’m assuming “purchasing power”.

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• bitjunkie@lemmy.world ⁨6⁩ ⁨months⁩ ago

  If you scale it to housing prices, it’s even more ridiculous.

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• JohnDClay@sh.itjust.works ⁨6⁩ ⁨months⁩ ago

  Are you thinking of a particular source? I couldn’t find substantiation for $45/h.

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  • Lyra_Lycan@lemmy.blahaj.zone ⁨6⁩ ⁨months⁩ ago

    I calculated this a few years ago, but It shouldnt’ve changed much. Take the year 1960 or whichever year that you can get all the following reliable information: Minimum wage, and median two bed house cost/sale price, for the specific area or state. The minimum wage in my area in 1955 was equivalent to double what it is now, and with the housing market (and omitting tax because it’s too dynamic) minimum wage then was enough to earn a house’s value in four years. To earn the equivalent house’s value before tax in the next four years, in my area, minimum wage must be $45/h.

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