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The US minimum wage is at $7.25 per hour since..24 Jul 2009, that is 16 years ago. Taking into account cumulative inflation US workers enjoy now about 68 % of t

by belter 2y ago

The US minimum wage is at $7.25 per hour since..24 Jul 2009, that is 16 years ago. Taking into account cumulative inflation US workers enjoy now about 68 % of the 2009 purchasing power. https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_States https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_Sta...

lotsofpulp 2y ago
The vast majority of US workers live in jurisdictions with higher minimum wages. https://en.wikipedia.org/wiki/List_of_US_states_by_minimum_wage https://en.wikipedia.org/wiki/List_of_US_states_by_minimum_w... In the biggest state with just the federal minimum wage, Texas, individual income percentile of $20k per year ($10 per hour/40 hour work weeks/50 weeks per year) is 20th percentile. That will capture all the part time workers too, so it seems the lowest priced labor in most US labor markets is disjoint from the federal US minimum wage. https://dqydj.com/scripts/cps/2024_income_calculators/2024_income_by_state.html https://dqydj.com/scripts/cps/2024_income_calculators/2024_i...
- belter 2y ago
  So it should not be a problem to raise it... "Scott Bessent believes federal minimum wage should not be increased" - https://www.nbcnews.com/video/scott-bessent-believes-federal-minimum-wage-should-not-be-increased-229500485731 https://www.nbcnews.com/video/scott-bessent-believes-federal...
  - LanceH 2y ago
    [flagged]
    - monknomo 2y ago
      you are hardly steel-manning something with a comment like that If you look at minimum wage purchasing power over time, it peaked in about 1970, with about $15-equivalent 2025 dollars. That tracks fairly closely with purchasing power having declined 68% since the last time minimum wages were updated. Should probably tie it to inflation while we're in there
  - sparky_z 2y ago
    I'd rather not put even more of the economy under even stricter control of the federal government just now, with so much chaos afoot. Giving state governments even less room to maneuver to weather whatever comes next doesn't seem wise to me. Especially when (as you seem to implicitly agree?) there's not much of a current problem that needs solving, but you just feel like we should anyway because why not?
    - explodes 2y ago
      Because it hasn't been raised in many many many years and hasn't kept up with inflation.

by belter 2y ago

lotsofpulp 2y ago

The vast majority of US workers live in jurisdictions with higher minimum wages. https://en.wikipedia.org/wiki/List_of_US_states_by_minimum_wage https://en.wikipedia.org/wiki/List_of_US_states_by_minimum_w... In the biggest state with just the federal minimum wage, Texas, individual income percentile of $20k per year ($10 per hour/40 hour work weeks/50 weeks per year) is 20th percentile. That will capture all the part time workers too, so it seems the lowest priced labor in most US labor markets is disjoint from the federal US minimum wage. https://dqydj.com/scripts/cps/2024_income_calculators/2024_income_by_state.html https://dqydj.com/scripts/cps/2024_income_calculators/2024_i...

belter 2y ago
So it should not be a problem to raise it... "Scott Bessent believes federal minimum wage should not be increased" - https://www.nbcnews.com/video/scott-bessent-believes-federal-minimum-wage-should-not-be-increased-229500485731 https://www.nbcnews.com/video/scott-bessent-believes-federal...
- LanceH 2y ago
  [flagged]
  - monknomo 2y ago
    you are hardly steel-manning something with a comment like that If you look at minimum wage purchasing power over time, it peaked in about 1970, with about $15-equivalent 2025 dollars. That tracks fairly closely with purchasing power having declined 68% since the last time minimum wages were updated. Should probably tie it to inflation while we're in there
- sparky_z 2y ago
  I'd rather not put even more of the economy under even stricter control of the federal government just now, with so much chaos afoot. Giving state governments even less room to maneuver to weather whatever comes next doesn't seem wise to me. Especially when (as you seem to implicitly agree?) there's not much of a current problem that needs solving, but you just feel like we should anyway because why not?
  - explodes 2y ago
    Because it hasn't been raised in many many many years and hasn't kept up with inflation.