By Jim Hagarty
2016
Some people in the U.S. are alarmed at the called for a $15 minimum wage although it has actually been brought in in a few places and the earth hasn’t opened up and swallowed anyone. The truth is, if the minimum wage had kept pace with everything else over the years, it would be well into the $20 range.
Consider these facts.
In 1968, the minimum wage was $1.60. That’s $10.71 in 2013 dollars.
In 1976, the minimum wage was $2.30. That’s $9.42 in 2013 dollars.
In 1983, the minimum wage was $3.35. That’s $7.84 in 2013 dollars.
In 1991, the minimum wage was $4.25. That’s $7.27 in 2013 dollars.
In 1997, the minimum wage was $5.55. That’s $7.47 in 2013 dollars.
In 2012, the minimum wage was $7.25. That’s $7.36 in 2013 dollars.
In 2014, the minimum wage was $7.25. That’s $7.22 in 2013 dollars.
In 2015, the minimum wage was $7.25. That’s $7.03 in 2013 dollars.
The minimum wage has gone down by $3.68 or 34% since 1968.
I don’t have the figures in front of me, but the other side of the equation is the rapid rise in the wealth created for those at the top over the same period. Off the top of my head, where the CEO in the ’60s might have made 25 times the amount earned by the lowest wage earner he employed, that figure now can be as high as several hundred times as much. In effect, those should be called maximum wages and no one complains about them.
Politicians and business people are shocked at the anger being expressed by voters these days. But should they be? With some politicians scheming to destroy the meager safety nets that are in place, they seem intent on lighting the fuse.
