It gets so annoying trying to explain just basic inflation to idiots saying minimum wage doesn’t need to be changed. Not to even get into actual increases since we’re producing so much more now than we used to.
For those that don’t understand… $1.00 in 1950 has the same value as $13.04 in 2024. So if we take the $0.75/hr minimum wage from 1950 and just calculate for inflation alone, we would be at $9.78 to have the same buying power. That assumes prices didn’t actually increase at all, just matching inflation. So anyone making minimum is making 26% less than they would have in 1955.
And that doesn’t take into account ANY increases in actual prices of products or basic necessities like food and housing, or education, beyond basic inflation. We all know that nothing has increased in price by only inflation over the last 70+ years. Basic necessity pricing has shot up way more than inflation in the past couple years alone.
And it’s nearly impossible to explain to those same people how a progressive tax structure works. No, you aren’t making less money overall just because a simple raise moves you into a higher tax bracket. There are certain situations that could, but you would have to have a very specific and strange portfolio for that to be the case. Something a regular average worker wouldn’t have.
And the most common excuse when you point that out…“at least it’s something”. Which while true, since not everyone gets raises at all, is still robbery.
Back in my day my first job was $5/hour* and it was fine.
*of course, that would be almost $15 in 2024 dollars
It gets so annoying trying to explain just basic inflation to idiots saying minimum wage doesn’t need to be changed. Not to even get into actual increases since we’re producing so much more now than we used to.
For those that don’t understand… $1.00 in 1950 has the same value as $13.04 in 2024. So if we take the $0.75/hr minimum wage from 1950 and just calculate for inflation alone, we would be at $9.78 to have the same buying power. That assumes prices didn’t actually increase at all, just matching inflation. So anyone making minimum is making 26% less than they would have in 1955.
And that doesn’t take into account ANY increases in actual prices of products or basic necessities like food and housing, or education, beyond basic inflation. We all know that nothing has increased in price by only inflation over the last 70+ years. Basic necessity pricing has shot up way more than inflation in the past couple years alone.
And it’s nearly impossible to explain to those same people how a progressive tax structure works. No, you aren’t making less money overall just because a simple raise moves you into a higher tax bracket. There are certain situations that could, but you would have to have a very specific and strange portfolio for that to be the case. Something a regular average worker wouldn’t have.
Additionally, explaining to people that your yearly raise is not in a vacuum.
Repeat after me: If my raise is less percent than inflation, they are literally paying me less than before.
And the most common excuse when you point that out…“at least it’s something”. Which while true, since not everyone gets raises at all, is still robbery.