Federal minimum wage in 1965 was $1.25/h, which is $12.69/h today. Looks like Alaska had the highest state minimum at $2.10, $21.32 today. Or were you taking more average rather than minimum wage?
There is a reason median is used here… If you take into account the massive (and constantly growing) income gap, it’s obvious that things have gotten worse for the average American.
You’ve got it backwards, median takes into account income gap better. Mean would be much higher today because of the increasing income gap. That is why I used the median, so that interesting inequality would be less of a factor.
That generation got paid $45 an hour in today’s value.
If you scale it to housing prices, it’s even more ridiculous.
Are you thinking of a particular source? I couldn’t find substantiation for $45/h.
Federal minimum wage in 1965 was $1.25/h, which is $12.69/h today. Looks like Alaska had the highest state minimum at $2.10, $21.32 today. Or were you taking more average rather than minimum wage?
They never said anything about minimum wage.
In 2023 median hourly wage was $19.24/h, vs in 1979 it was $4.44/h or $19.56/h inflation adjusted. (This data doesn’t go back to 1965 unfortunately)
https://www.statista.com/statistics/185335/median-hourly-earnings-of-wage-and-salary-workers/
There is a reason median is used here… If you take into account the massive (and constantly growing) income gap, it’s obvious that things have gotten worse for the average American.
You’ve got it backwards, median takes into account income gap better. Mean would be much higher today because of the increasing income gap. That is why I used the median, so that interesting inequality would be less of a factor.
Idk who’s closer, guys. Where the sauce at :u
https://www.kaggle.com/datasets/lislejoem/us-minimum-wage-by-state-from-1968-to-2017
https://www.infoplease.com/business/labor/annual-federal-minimum-wage-rates-1955-2021