US Politics on Yik Yak | Adjusted for inflation AND increases in worker output, federal min. wage, if it continued its 1965 trajectory, should be around $26-28 today. Really think about that. This country’s elites have stolen tens of TRILLIONS of $ in value from the working class

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US Politics 1d

Adjusted for inflation AND increases in worker output, federal min. wage, if it continued its 1965 trajectory, should be around $26-28 today. Really think about that. This country’s elites have stolen tens of TRILLIONS of $ in value from the working class

Anonymous 1d

Profit is unpaid wages

Anonymous 1d

My favorite graph, almost surely it’s even worse now

Anonymous 1d

So when I’ve argued about this with folks they’ve cited that actual take home salary (which I believe accounts for inflation) has grown consistently since the 60’s, which does seem to be true. What are your thoughts on these two measurements? Is one wrong or are they contradictory?

Anonymous 22h

Calculator I’m using which explains some of the problems with even using just CPI to track value

Anonymous

#1 1d

They put an output number next to everything a worker does but it never equates to more money in the employees pocket

Anonymous

#1 1d

Don’t worry, GDP line go up so the economy MUST be good!

Anonymous

#2 22h

I’m honestly not aware of data that supports this unless they’re doing some really weird gymnastics. In 1960 the average take home pay was $5,600, which would be equivalent to a purchasing power of $78,000 today, or equivalent to $173,546 in wealth as a proportional share of GDP. The median home price in 1960 was $11,900. Average take home today is $58,389, with a median home price of $415,000. Most likely confusion is many only account for straight inflation, which is far from the whole story