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The minimum wage is designed to lift all boats. So with the increase in per capita income from 20,000 a year in 1956 to 65,000 a year in 2020, we should see a minimum wage of roughly 30 dollars an hour. Yes the minimum wage was 1.00 in 1956 and the equivalent money is about 10 dollars, but we have gotten wealthier and to participate in that wealth we need to adjust for the increase in wealth.

So while 10 dollars an hour will provide a subsistence at 1956 living standards, no one is interested in 1956 living standards. Greece has about 1956 living standards now. Puerto Rico has 50 percent better than 1956 living standards.

So a 15 dollar an hour minimum wage is about right. Although I am personally a little queasy about minimum wages and would prefer very strong militant unions as the power would be with labor directly and the struggle would be directly between labor and capital rather than capital and government.

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