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> If it was to match inflation it would be more than $15 Neither of your sources support that claim: > Even worse is that federal-minimum-wage-earning workers
by dahfizz 5y ago
> If it was to match inflation it would be more than $15
Neither of your sources support that claim:
> Even worse is that federal-minimum-wage-earning workers today are paid 31% less than the $10.54 an hour they would have been paid in 1968, when the minimum wage reached its highest (inflation-adjusted) value. [1]
> The wage hit its peak in inflation-adjusted terms in 1968 at just over $12 [2]
The productivity argument is silly, and your third source says as much. Minimum wage has not kept pace with average productivity because minimum wage jobs themselves have not kept up with average productivity. CEPR makes the argument that doctors and software engineers just make too much money, and this somehow hurts the minimum wage earners. Which is a wild bit of mental gymnastics to claim that minimum wage earners should profit from high-skilled productivity, but the high-skilled workers should not.