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national minimum wage would be like 25 if it kept pace with productivity since the 1970s ~~inflation pre-covid~~, no idea what the fuck it should be now. something like twice as much if it was on pace with executive plundering.
Isn't national minimum wage in the US $7.25? I don't live in the US but I know y'all didn't have 300% inflation in the past 4 years
They're talking about the decoupling of productivity and wages in the late 70s. If wages had increased in line with productivity increases minimum wage would be like $28-30/hr. The highest minimum wage (adjusted for inflation) was in 1968 and would be about $15/hr today. The real theft is that we produce so much more surplus value than 40 years ago and receive none of it in compensation.
yeah, productivity. that's what i get for posting tired
It’s been 7.25 since 2009. From a quick google it says rent increases (what actually matters to minimum wage employees, not CPI) have outpaced inflation at about 9% increase per year. So, going with that, 7.25(1.09)^15 is about $26.41.
It was set at 7.25 in 2009 and was way under what it should've been at that time
Yes but practically speaking for most wage work in CA workers have made a lot more than that (but not $20/hr) for many years. CA has a state minimum wage that is usually much higher than the federal.
The federal minimum wage represents a legal floor but it’s so low and never changes that it’s functionally meaningless.