• MF_COOM [he/him]@hexbear.net
    link
    fedilink
    English
    arrow-up
    20
    ·
    7 months ago

    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

    • SuperZutsuki [they/them]@hexbear.net
      link
      fedilink
      English
      arrow-up
      42
      ·
      7 months ago

      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.

    • TowardsTheFuture@lemmy.zip
      link
      fedilink
      English
      arrow-up
      28
      ·
      7 months ago

      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.

    • Greenleaf [he/him]@hexbear.net
      link
      fedilink
      English
      arrow-up
      7
      ·
      7 months ago

      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.