8 ms·

all the sources I see say minimum wage should be around 12 USD where did you source the 21USD number?

• PaulDavisThe1st 2y ago
  $21 is an MIT-provided living wage number for many parts of the country (including Santa Fe, where I live (or close by)). There are places where that's still not enough: I think $35/hr just about covers anywhere in the US at this point. It's also the CPI-adjusted equivalent of 1960s minimum wage numbers.
  • grayhatter 2y ago
    1963 @ $1.25 or 1957 @ $1.00 giving me $1.25 * (304.702/30.6) = $12.44 or $1 * (304.702/28.1) = $10.84 my sources: https://www.dir.ca.gov/iwc/minimumwagehistory.htm https://www.dir.ca.gov/iwc/minimumwagehistory.htm https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/ https://www.usinflationcalculator.com/inflation/consumer-pri...
    • PaulDavisThe1st 2y ago
      https://www.bls.gov/data/inflation_calculator.htm https://www.bls.gov/data/inflation_calculator.htm January 1962 $2 => Nov 2024 $21.03 Using $1.25 in Jan 1963 gives me $12.97 ... I used $2 in 1962 because in the 2016 Republican primaries one of the candidates made a reference to their job working in a burger store using these numbers.
      • throwaway2037 2y ago
        I just Googled for "1962 mcdonalds hourly wage". It was much less than $2. Minimum wage was 1.15, and a Federal Reserve study called "Employee Earnings in Retail Food Stores, June 1962" says about 1.70. Also, cumulative inflation from 1962 to today is about 10.5x.
        • PaulDavisThe1st 2y ago
          There is no single measure of inflation. There are multiple different ones, each with their own pros and cons and suitability for purpose. CPI is a common one, and that would put $1.15 in Jan 1962 at $12.09 in Nov 2024.