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When I was a kid’: Elizabeth Warren makes a bold claim about minimum wage

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posted on Feb, 17 2019 @ 03:56 PM
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a reply to: neo96

I meant the money deducted from our checks for ss hasn’t changed. Money jobs pay ss hasn’t changed. The benefits come out of what we pay, and what the companies pay and that hasn’t changed. And it’s taken from the ss fund, companies don’t pay more for that for retirees.




posted on Feb, 17 2019 @ 08:53 PM
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a reply to: neo96

Actually, minimum wage in 1960 had the purchasing power of about $32/hour today. Your link is using CPI which is not accurate for many, many reasons. The much better comparison is in looking at minutes/hours of work to purchase usual products, such as to pay rent/mortgage for the month, or gas, or a car, or education.

For example, the median home price in 1960 was $11,900 which is 11,900 hours of work at minimum wage or 5,630 hours of work at the median wage. Today the median home price is $398,900 which is 53,544 hours of work at minimum wage or 26,680 hours at the median wage (2017 numbers).
edit on 17-2-2019 by Aazadan because: (no reason given)



posted on Feb, 17 2019 @ 08:56 PM
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originally posted by: carlncarl
Really they need to make more good paying jobs more abundant, instead of making crappy jobs pay more. When you take all the reasonable well paying jobs of manufacturing and ship them overseas, replacing them with crappy service jobs that will never be able to pay well, then you get what we got today.
You can't support factory wages making sandwiches, not yesterday not today not tomorrow not ever.


There are many factory jobs in the US that pay well. But, it means earning a masters or PHD in multiple disciplines in order to make things like specialized scientific or medical equipment. If you want to be a factory worker then do it, stop being lazy and get the necessary education.



posted on Feb, 17 2019 @ 09:01 PM
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originally posted by: neo96
IF wages had declined Household assets would have been in decline.


No they wouldn't. You have inflation, you have homes that are bought and considered assets despite being a debt, you have credit lines that get considered an asset, and then you have expanding wealth inequality where a small fraction owns a very large percentage of that.



posted on Feb, 18 2019 @ 04:50 AM
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True Life Example:

My Mother and Father bought a house in 1965 with him being the only income and him making $20k. They bought a 20k house and then had me.

My wife and I bought a comparable house in 1998 with me being the only income and making 75k. We bought a 225k house and then had our children.



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