[quote=The-Shoveler]Minimum wage really needs to be about $15.00 an hour now just to get back to where it was in the 70’s adjusted for inflation.
There is no inflation adjustment for minimum wage currently and this is a big problem no one wants to hear.
I predict there will be wage riots in the near future.[/quote]
Incorrect.
1970 minimum wage was 1.60 and cpi was 37.8. Today minimum wage is 7.25 and cpi is 232.94. Adjusted for cpi (the governments measure of inflation) 1970’s 1.60 would be worth $9.85 today. Of course the value of minimum wage vs inflation changes.
In 1989 minimum wage was 3.35 and cpi was
121 so 1989’s minimum wage is worth $6.44 today. On the other end of the spectrum the 1968 minimum wage of 1.60 is worth 10.93 today. The mid point of those extremes is 8.69 so that probably a reasonable level for today’s minimum wage.
The big problem between 1970 and today is our standard of living and the costs that go a long with that have gone up quite a bit. You didn’t have a cable bill, an internet bill, a cell phone bill, you cooked at home, and had one family car in 1970. Now we expect a lot more and wages haven’t keep up with those expectations. Maybe we need to reduce our expectations and live more within our means.
