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this post was submitted on 04 Aug 2024
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You're wrong on this one. I've seen the math, and it's better than that.
This is I believe what it would be at if it had raised with inflation after the last change to it. If I remember correctly. Which is yeah, wildly off what is stated here
Edit: frezik below found what it was.
If I'm understanding what your saying here the last time the federal minimum wage increased was 2009, adjusted for inflation 7.25 in 2024 is 10.60.
Hm, you know it might’ve been about fast food workers in Cali then. I just do remember something about $23 coming from just inflation.
Also could’ve been whenever minimum wage was at it best adjusted.
The argument was that the $7.25 minimum wage in 2009 was already criminally low, and should have been $15. That would be $22.32 now. The actual minimum wage has not been changed since.
The post specifies productivity gains since 1960, though. That's a different measure than inflation, but it's interesting that they arrive in about the same place. There's been a huge gap between average wages and productivity increases over that time period. It's not like the working class was even getting their fair share in 1960, and they sure as hell aren't now.
Ah yup that’s what it was. Thanks.
Maybe they mean the time before the current minimum wage was set
Math doesn't matter. Get in the hilux
You're probably thinking of the effort to raise the minimum wage to $15. Which has been going on long enough that inflation pushes that well over $20.
This isn't the same measure, though. It's taking productivity--how much each worker outputs per hour--and applies that to what the minimum wage should be. There's a huge gap in that time between productivity and how much workers are actually making.
At least, I think that's how they're calculating it. Haven't done the math.