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Fyi, $15/hr in 2011 dollars would have been significantly higher than the minimum wage has ever been. The highest ever US minimum wage adjusted for inflation wa
by skluug 5y ago
Fyi, $15/hr in 2011 dollars would have been significantly higher than the minimum wage has ever been. The highest ever US minimum wage adjusted for inflation was $1.60 in 1968 which is $10.34 in 2011, $12.18 in 2021.
https://benjaminstudebaker.com/2015/07/23/misconceptions-raising-the-minimum-wage-does-not-automatically-lead-to-inflation/ https://benjaminstudebaker.com/2015/07/23/misconceptions-rai...
- patentatt 5y agoThis contradicts everything I’ve ever read on the topic, is there a good reason I should trust this source over others?
- CapitalistCartr 5y agoThis CNN article seems to support that. https://www.cnn.com/2021/02/21/politics/minimum-wage-inflation-productivity/index.html https://www.cnn.com/2021/02/21/politics/minimum-wage-inflati...
- coryrc 5y agoCertain political bents like to mix "inflation" and "productivity growth" to juice the numbers. OTOH not sure I really trust inflation is balanced properly and accurately captures the cost of a certain standard of living. https://www.cnn.com/2021/02/21/politics/minimum-wage-inflation-productivity/index.html https://www.cnn.com/2021/02/21/politics/minimum-wage-inflati...
- pessimizer 5y agoYou don't just adjust for inflation, you adjust for productivity growth. That being said, $15 is meant to be high. It's meant to give you the ability to pay for housing. For amusement value: the median house price in Jan 1968 was $163K in 2020 dollars. The median house price in 2020 was $300K. So really, minimum wage should be $24 an hour to bring you into Property Purchasing Power Parity™ with 1968.
- coryrc 5y agoWhy? Because someone invents a more efficient process, we should increase the wages of ditch diggers? I believe we should focus on relieving the burden of the massive regulatory state on the poor. I.e. relax zoning and lower regressive taxes.
- Red_Leaves_Flyy 5y agoPeople digging ditches is a requirement for a functional modern society. When a general strike happens the ditch diggers and their friends will be the ones wielding the power they forgot they had all along. I strongly recommend not looking down upon people who work with their hands. It's very bad decorum, and their shovels are sharp.
- coryrc 5y agoIf you think that's going to happen again in the USA, you haven't been paying attention. Signed, child and grandchild of union workers from Michigan
- mythrwy 5y agoThe problem there is they can make cars in Korea. But they can't dig ditches in Korea and export them to the U.S.
- rdtwo 5y agoSure they can who do you think is digging ditches in the USA? People with questionable immigration status or criminal record who have no other choices that’s who.
- Red_Leaves_Flyy 5y agoCitation needed. I make a show of getting to know various laborers in my union and what they worry about. Right now they care about class consciousness, wage/HR, healthcare, etc.