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 Barefootfae 5 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 little spike in unemployment from the smaller businesses that can no longer...
by Josak 6 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 Reagan, unions began to lose ground against other movements and many were in fact...
by JaxsonRaine 5 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 world government(imagine it exists) decides to set a global minimum wage at $10/hr....
by SparklingJewel 5 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 run, or how laws are perceived, or how judges judge for that matter...there are...
by awesome77 7 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 the market system for wages.
by Robert Erich 5 years ago
With the continual outsourcing of jobs to other countries, the struggling national economy, and the unrealistic ability for everyone to earn a college degree, should minimum wage be eliminated?Just something that I have been thinking about and I would love to get your opinions on.
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|