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
by Barefootfae3 years ago
Once again there is a call to raise the minimum wage.Now....common sense and a little education will tell you that when you raise the minimum wage, prices go up to compensate. Also, you stand the chance of having a nice...
by Moderndayslave5 years ago
People have discussed doing away with the minimum wage. What hourly wage would be the minimum amount sufficient to live on in your area.I am talking legal employment, paying taxes and all that for someone with a high...
by awesome775 years ago
The minimum wage is a joke and I think it should be abolished. Let the market system determine what the wages should be!I know, some of you will scream and holler, but as a former retail business owner, it undermines...
by Josak4 years ago
Wages have not been keeping up with the cost of living for a long time now in the US and the primary reason is the weakening of the unions, the problem really began during the presidency of Ronnie the union buster...
by JaxsonRaine3 years ago
Here are two arguments that I have heard, separately, from people on the left.1 - Minimum wage doesn't cost jobs.2 - Companies outsource to countries with low wages.Let's examine that for a moment. Let's imagine the...
by SparklingJewel3 years ago
here is one "perspective of facts"...anyone have another as well put together source of a "different perspective of facts" ?Seriously, just like the economy and how it is run, or how businesses are...
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