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An interesting tidbit on minimum wage: > According to the Pew Research Center, when adjusted for inflation, the federal minimum wage in America peaked at $8.54
by hashberry 8y ago
An interesting tidbit on minimum wage:
> According to the Pew Research Center, when adjusted for inflation, the federal minimum wage in America peaked at $8.54 in 1968. If the federal minimum wage had kept up with increases in worker productivity since then, in 2012 it would have been $21.72 an hour.
https://www.forbes.com/sites/timworstall/2015/09/07/there-is-absolutely-no-reason-why-the-minimum-wage-should-track-average-labor-productivity/#37da2fc14afa https://www.forbes.com/sites/timworstall/2015/09/07/there-is...
- JohnCohorn 8y agoI know nothing of economics, but I’m curious how relevant comparing against our own historical productivity actually is. For example, shouldn’t the comparison also be against productivity and productivity/wage growth in other countries we’re competing with? Is productivity even something that can be measured in such a way that useful comparisons can actually be made across time periods?
- derefr 8y ago> Is productivity even something that can be measured in such a way that useful comparisons can actually be made across time periods? [Inflation-adjusted] GDP is held to represent the productivity of an entire country in a way where one can make historical contrasts. Therefore, [inflation-adjusted] GDP per capita (a.k.a. PPP, Purchasing Power Parity) could be a valid measure of average individual worker productivity.
- j4kp07 8y agoIt's not interesting. It' cherry picking.
- commandlinefan 8y agoWait, are they trying to say that minimum wage was $8.54 in 1968? I remember it being $4.25 when I was a kid in the 80’s.
- kadoban 8y agoIt was $8.54 in 1968 "when adjusted for inflation", not the actual value it was at the time. (at least according to the article, I didn't calculate it myself)