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this post was submitted on 09 Apr 2024
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national minimum wage would be like 25 if it kept pace with productivity since the 1970s ~~inflation pre-covid~~, no idea what the fuck it should be now. something like twice as much if it was on pace with executive plundering.
Isn't national minimum wage in the US $7.25? I don't live in the US but I know y'all didn't have 300% inflation in the past 4 years
They're talking about the decoupling of productivity and wages in the late 70s. If wages had increased in line with productivity increases minimum wage would be like $28-30/hr. The highest minimum wage (adjusted for inflation) was in 1968 and would be about $15/hr today. The real theft is that we produce so much more surplus value than 40 years ago and receive none of it in compensation.
yeah, productivity. that's what i get for posting tired
It’s been 7.25 since 2009. From a quick google it says rent increases (what actually matters to minimum wage employees, not CPI) have outpaced inflation at about 9% increase per year. So, going with that, 7.25(1.09)^15 is about $26.41.
You need to add that 9% to the average rate of inflation, so this should actually be higher.
Edit: 7.25(1 + .02 + .09)^15 = 30.28 Edit: Misread
It was set at 7.25 in 2009 and was way under what it should've been at that time
Yes but practically speaking for most wage work in CA workers have made a lot more than that (but not $20/hr) for many years. CA has a state minimum wage that is usually much higher than the federal.
The federal minimum wage represents a legal floor but it’s so low and never changes that it’s functionally meaningless.