What Minimum Wage bought ,then and now

  1. Stacie L profile image88
    Stacie Lposted 4 years ago

    What minimum wage buys, then and now
    The federal minimum wage was first set in 1938, at 25 cents an hour. Here's a decade-by-decade look, starting in 1950, at the buying power of minimum wage.

    By Leah Konen, The Fiscal Times


    Often looked to as a model era, the 1950s may have been nearly as picture-perfect as "Leave it to Beaver" seemed to suggest -- minimum wage workers could pay rent for a month for less than a week and a half of full-time work -- or catch Disney's "Cinderella" for just over a half-hour of labor.

        Minimum wage: $0.75 per hour
        Gas: $0.27 or 22 minutes
        Movie ticket: $0.48 or 38 minutes
        Rent: $42 or 56 hours


    By 1960, the minimum wage of $1 an hour had not quite kept up with inflation, making rent a bit less affordable -- though still not quite two weeks of minimum-wage work. On the other hand, filling up the Corvette was actually relatively cheaper -- it took just under 20 minutes of work to get a gallon of gas.

        Minimum wage: $1 per hour
        Gas: $0.31 or 19 minutes
        Movie ticket: $0.69 or 41 minutes
        Rent: $71 or 71 hours 

    read the article to see what each decade bought with minimum wages
    http://money.msn.com/personal-finance/s … id=6952105