40% Of US Workers Now Earn Less Than 1968 Minimum Wage

a reply to: onequestion

Have a look at the pew research link I posted.

Zerohedge is wrong, they've done their calculations wrong

a reply to: Chadwickus

And how valid of a source is that

Well that pretty much sums up my situation. 10$ an hour and part time hours (thankfully I've been able to pick up enough to get me FT hours). It's a pretty sad situation in America right now and it can't continue this way... hopefully.

We can nitpick and argue back and forth until we're all blue in the face over the details, but at the end of the day the truth is -- Americans buying power has significantly decreased in recent decades.

No one can argue that simple fact isn't true. Everyone seems to want to argue over to what degree this has happened, but the most important thing is ... we aren't being kept up with inflation!

That's it, plain and simple. Our buying power has been reduced, and is continually being reduced year after year.

a reply to: MystikMushroom

Yes, the minimum wage needs to definately be increased, but there's no need to exaggerate the figures though, is there?

originally posted by: onequestion
a reply to: Chadwickus

And how valid of a source is that

I suggest much, much more valid that zerohedge.

a reply to: MystikMushroom

Cost of a new home: $26,600.00
Cost of a new car: $
Median Household Income: $7,743.00
Cost of a first-class stamp: $0.05 ($0.06 as of 1/7/68)
Cost of a gallon of regular gas: $0.34
Cost of a dozen eggs: $0.53
Cost of a gallon of Milk: 1.07

Then....

Source

a reply to: Chadwickus

Cost of Living 1968
How Much things cost in 1968
Yearly Inflation Rate USA 4.27%
Yearly Inflation Rate UK 4.7%
Year End Dow Jones Industrial Average 943 Average Cost of new house $14,950.00 Average Income per year $7,850.00 Average Monthly Rent $130.00 Gas per Gallon 34 cents Average Cost of a new car $2,822.00 Movie Ticket$1.50 The Federal Hourly Minimum Wage is $1.60 an hour
Below are some Prices for UK guides in Pounds Sterling
Average House Price 4,344 Gallon of Petrol 5 shillings 5 pence or 28 new pence

Source

CNN Minimum Wage = 10.71 from 1968 wage. Not $8.xx as mentioned by a previous member.

Also consider this the minimum wage in 1963 was 1.25 which would have bought you five 1963 90% silver quarters. Which now the melt price is around 15$. CPI numbers are full of ****

a reply to: asmall89

10x as a basic metric but it also depends on what part of the country you live. In Santa Barbara the wage would have to be $20 an hour at least I'm sure of it. Not even doing the math the cheapest house I can find here is 750k.

They were conservative if you look at how much things actually cost.

companies are burdened by higher taxes, Obamacare, union demands so they down size or go overseas.

Wrong, most corporations only pay arund 5% in taxes because of all the loopholes. In fact businesses only pay a fraction of all the taxes collected by the government. Us poor workers pay about 85% of them. Just look at that giant chart of government revenue and spending sometime.

A minimum wage increase is nothing but a stop gap measure. It doesn't address anything but short term problems. In ten years following a minimum wage increase, everything would be just as messed up due to inflation, lost jobs, reduction in unskilled labor.

I've no ideas on how to address the issue on a more permanent basis, but I do recognize that this problem will continue short of a drastic economical change.

a reply to: EternalSolace

The point here is not that we need to raise the wage because these jobs shouldnt be at the minimum level to begin with but its to create a reference point so people can see how low 40% of the country is actually getting paid and what its worth comparably.

a reply to: onequestion

I understand. I was just trying to point out that it isn't a real solution as much of the time its touted as one. Though the disparity between the 60's and 2015 is rather horrifying of things to come, it only shows how great the need for change is before it's too late and people are in bread lines to eat.

a reply to: EternalSolace

Lots of people in bread lines already you would be surprised. Go around your community and look into which churches do food drives. Then go down to CEO and catholic services and find out how many families they help every year its mind blowing.

I mean mind blowing. Bread lines are already here, been here the entire time, they never went away. Maybe for a short time in the 50's, 60's, and early 70's but after that they have always been.

a reply to: CB328

Us poor workers pay about 85% of them. Just look at that giant chart of government revenue and spending sometime.

Not really. In actual numbers, the higher income brackets "contribute" most to income taxes.
www.wsj.com...

That doesn't make it easier for the lower brackets.

a reply to: Phage

That doesn't mean it's right for anyone to be paying that amount in income taxes either, rich or poor.

Economy killer either way.

a reply to: asmall89

That source is based on 2013 figures, not 2014.

Wouldn't have thought a year would make that much of a difference, but maybe it does

a reply to: onequestion

Yeah, well. Government isn't known for being real efficient. Anywhere.
The bigger it is, the more it costs. Add the "bread and circuses" factor...

Wages have definitely stagnated since the 90's and I'm living proof of that, let me explain..

Back in 1996, I was a security guard who patrolled around the city at specific contracted locations for $8/hr. I was barely able to pay my bills with this wage but I managed, however I was not satisfied with just being able to scrape by. A year later, I got a good job which I worked very hard to obtain at a large computer company. Their starting wage was $9/hr. This was an entry level call center position.

A year passed, and I had got a dollar raise. So in 1998, I was making $10/hr at an entry level customer service call center position. Another 3 years passed and I was at about $14/hr, but was promoted to a salary wage, and on this wage, along side with my wife's wage (was married at the time), we made quite a decent living. It was the first time in my life where I wasn't in a paycheck to paycheck situation. I was finally laid off due to "downsizing" which was actually a result of the company sending my job, along with thousands of others overseas to countries like India etc.

Fast forward 17 years. I lost a decent paying 40k/yr job I had with my brother over the past several years. The company went under and I had to start all over and look for another job. Since I had many years in customer service and call center experience, I began to apply at jobs which fit that description. Guess what the starting wage is at most call centers in 2015 in my city? About $10/hr.

In almost twenty years, the starting wage at a customer service position has not changed. It REALLY is bad right now. I ended up going back to Wal-Mart, where I worked about 6 1/2 years between 2004/2010. They started me at $10/hr based on my prior experience. None of my prior call center experience meant a damn thing. I've worked many years in customer service with absolutely nothing to show for it.