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URL:  https://boards.fool.com/4-in-1970-has-the-same-purchasing-power-as-34678459.aspx

Subject:  Re: Here's your burger That'll be $25.99 Date:  11/25/2020  9:39 PM
Author:  rharmelink Number:  606185 of 636632

$4 in 1970 has the same purchasing power as $26.84 does in 2020. You said a bit over $4 so let’s round that up to $30/hour.

And we’re arguing over a minimum wage of what? Maybe $15/hour?


In my situation, in 1975 to 1978, I was working 15 hours per week in the dormitory food service, which paid for my room and board. My first minimum wage job, in 1973, paid $1.90 per hour. In the dorm food service, the going rate for a substitute to cover a shift was $2 per hour.

So $4 is way too large a number.

...but you could live on it.

If "live on" were a criteria...

My nephew lives in the 1-bedroom condo I lived in from 1982 to 2006. It's larger than the suite four of us shared when I was in college. When I last lived there, it would have been about $400 per month for association dues, taxes, heating, cooling, landscaping, water, and all utilities except phone and electricity. From what my nephew tells me, none of those costs have changed much in 14 years. A mortgage on the current market price (nearly double what it was 14 years ago) would run less than $600 per month.

Split four ways -- $250 to $300 a month for housing. In much nicer housing.

I do a lot of keto meal preps that cost between $1 and $2 per (generous) serving. So add another $200 or so for food.

The current minimum wage would cover that "minimum lifestyle" easily.

but I do believe we should pay anyone willing to work an amount they can live on.

I can get down with that. But why should it be an employer paying someone for more than a job is worth?

Why not a UBI instead of a minimum wage?
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