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>>15 USD is still less than if you had adjusted the original minimum wage for inflation, so come on. This is a myth that is often repeated, but I have yet to s
by syshum 6y ago
>>15 USD is still less than if you had adjusted the original minimum wage for inflation, so come on.
This is a myth that is often repeated, but I have yet to see it proven.
The Original Federal Min Wage was passed in 1938 and was $0.38 per hour, Adjusted to 2021 that would be $7.14
In 1981 it was raised to $3.35, in 2021 dollars that would be $9.76
In 2009 it was raise to where it is today, $7.25 ($0.66 lower than a pure inflation increase should have been) and is 9.26 in 2021 dollars
So if you want to do a pure inflation adjusted min wage it would be no more than $10 not $15
I can find at no point in the history of Federal minimum wage would have wage inflation adjusted be more than $15/hr today. I can debate the merits of minimum wage, the ethics, etc, but we have to be having a debate with actual facts not political talking points.
- newdude116 6y agoWhat is inflation? If computer processing power becomes cheaper an cheaper, but real estate housing value double in a decade, we have 2% inflation?
- syshum 6y agoThat is moving the goal posts, the comment I was responding to was "15 USD is still less than if you had adjusted the original minimum wage for inflation, so come on. " Given the context this would be the standard model upon which dollars are adjusted for inflation over time, tools like usinflationcalculator.com make this easy to factor in what that would be If you want to shift the debate to "what is inflation" that is fine, but that is not the debate I am having in this comment thread