MINIMUM WAGE TALKING POINTS.... I wish Dems would use [View all]

[eniwetok]

Dems mention the minimum wage quite often... but never provide any historical context... but concentrate on a living wage. But I think context is essential to construct a compelling narrative against right wing ideas. For example under the progressive policies of the 50s and 60s the minimum wage nearly TRIPLED in real value between 1949 and 1968. dollars. http://money.cnn.com/interactive/economy/minimum-wage-since-1938/ One can see the years it was left to decline...

The MW has now depreciated a whopping $10,080 a year. That's the 1968 MW... it's high value level, simply adjusted adjusted to inflation.

https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1.60&year1=196801&year2=202001

But this is what's really shocking and I wish some Dems would FINALLY ask: How could we afford that high MW in 1968 ($12.10 in today's dollars) when per capita GDP was only $26,260* and we can only afford $7.25 when that per capita GDP today is $64,589*???

So the minimum wage is worth 60% of what it was worth in 1968 but per capita GDP is 246% higher????

Anyone see the absurdity here?


*converted from constant 2012 dollars to 2019 dollars


https://fred.stlouisfed.org/series/A939RX0Q048SBEA