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This is how bad things have gotten: In the 1950s, the minimum wage was supposed to be enough for a person to support their family; today the minimum wage is eno
by janandonly 5y ago
This is how bad things have gotten: In the 1950s, the minimum wage was supposed to be enough for a person to support their family; today the minimum wage is enough for a college student to make it until their next paycheck, not much more. Unfortunately, a lot of people in this country think this is how it should be.
- krickkrack 5y agoThe question you should be asking is why have the prices outpaced the minimum wage. Protip: $30 trillion has been printed and spent in your name.
- KptMarchewa 5y ago>In the 1950s In the 50s US was the only big developed country that was nearly untouched by the second world war. That rent has decreased massively over time. The 50s economic situation would not hold up under any other conditions.
- javagram 5y agoThe minimum wage in 1950 was $0.75 which is equivalent to $8.21 in 2021 dollars. https://libraryguides.missouri.edu/pricesandwages/1950-1959 https://libraryguides.missouri.edu/pricesandwages/1950-1959 Seems to indicate a lot of commodities match up with this. For instance “ Milk cost an average of 41¢ per ½ gallon in 1950. Source: U.S. BLS” So for an hour’s minimum wage in 1950 you could buy half a gallon of milk. Now in 2021 an hour of minimum wage would buy about 2 gallons of milk or more. The main item that seems out of balance is housing cost. “ In 1950, the median home value was $7,354. Source: US Census Bureau” that’s $84,000 in 2021 dollars while the modern median house price in 2021 is actually $269,000. A big part of this is likely due to banning smaller housing, tenement housing, manufactured housing, and other cheap housing options.