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I'd add to this - the subways pricing has increased at far less than the level of inflation, wage growth, minimum wage, etc. In 2003 the subway fare was $2.00.
by steveBK123 4y ago
I'd add to this - the subways pricing has increased at far less than the level of inflation, wage growth, minimum wage, etc.
In 2003 the subway fare was $2.00. (This is $3.32 in 2023 inflated dollars)
In 2023 it is $2.75.
In 2003 NYC minimum wage was $5.15. Subway far was or 23 minutes of minimum wage labor.
In 2023 NYC minimum wage is $15, and shortly going up to $17. Subway fare is 11 minutes of minimum wage labor.
What really caught me off guard with the rise of ride hailing apps was how many of my GenZ coworkers were using them frequently for commuting.