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The minimum wage was set to $3.35/hr in 1981, a time when 22.2% of Americans were employed in manufacturing vs. 10% today. There were many alternatives to work
by lumost 5y ago
The minimum wage was set to $3.35/hr in 1981, a time when 22.2% of Americans were employed in manufacturing vs. 10% today. There were many alternatives to working at McDonalds that stopped existing in the US over the last 40 years. The ultimate answer to what Americans would do instead of manufacturing turned out to be restaurant and retail work.
- ashtonkem 5y agoAlso, consider the relative increase in housing, education, and medical care over that period of time. The inflation adjusted median home was about $178,000 in 1981, It’s $314,000 now.