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"Policies like a $15 per hour minimum wage — brought to mainstream attention not by Sanders, but by striking fast food workers years before — are not radical, b
by apsec112 10y ago
"Policies like a $15 per hour minimum wage — brought to mainstream attention not by Sanders, but by striking fast food workers years before — are not radical, but a pragmatic corrective to decades of wage depreciation. The minimum wage, which peaked in 1968, would have reached $21.72 in 2012 had it kept pace with inflation."
This is very, very false. Adjusted for inflation, the minimum wage in the US peaked at $10-11 in the late 1960s (http://money.cnn.com/interactive/economy/minimum-wage-since-1938/ http://money.cnn.com/interactive/economy/minimum-wage-since-...). Adjusted for PPP, the country with the highest minimum wage is Australia, at $11 per hour (excluding tiny Luxembourg and San Marino; data at https://en.wikipedia.org/wiki/List_of_minimum_wages_by_country https://en.wikipedia.org/wiki/List_of_minimum_wages_by_count...). No one has anything remotely like a $22 minimum wage. The median hourly wage in the US is below $22, ie. more than half of all jobs pay less than that.
- ridgeguy 10y agoI take the last quoted sentence to mean that the minimum wage "...would have reached $21.72...", not that it did reach that. Clearly, it didn't. The author was illustrating the overall decline in purchasing power of the inflation-adjusted minimum wage, despite its nominal increase. Hence the economic decline experienced by minimum wage workers.