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Federal Minimum Wage, 1938-2022

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  • Federal Minimum Wage, 1938-2022


    Data sources:
    https://www.dol.gov/agencies/whd/min.../history/chart
    https://www.usinflationcalculator.com/


    Attached Files
    Last edited by W*GS; 03-10-2022, 08:33 PM.

  • #2
    In before Zerovoltz chimes in and says it's easy for people to live on minimum wage.

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    • #3
      Originally posted by Requiem View Post
      In before Zerovoltz chimes in and says it's easy for people to live on minimum wage.
      A full time, minimum wage job in America affords a decent life in Cairo..

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      • #4
        Originally posted by Requiem View Post
        In before Zerovoltz chimes in and says it's easy for people to live on minimum wage.
        Like a good little sock puppet for the oligarchs.

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        • #5
          Increase minimum wage, sure. By federal mandate, no thanks.

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          • #6
            Walmart's minimum is already $12.

            Help wanted signs still there every time I'm there.

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            • #7
              Originally posted by BroncoBeavis View Post
              Walmart's minimum is already $12.

              Help wanted signs still there every time I'm there.
              Wal-Mart?

              I take it you're one of those "conservatives" who are nominally opposed to "government handouts" but who are totally OK with subsidizing Sprawl-Mart's labor force with your tax dollars?

              At any rate, a quick check of the arithmetic confirms there's nowhere in the U.S. where you can support yourself on $12/hr.

              Comment


              • #8
                Originally posted by L.A. BRONCOS FAN View Post

                Wal-Mart?

                I take it you're one of those "conservatives" who are nominally opposed to "government handouts" but who are totally OK with subsidizing Sprawl-Mart's labor force with your tax dollars?

                At any rate, a quick check of the arithmetic confirms there's nowhere in the U.S. where you can support yourself on $12/hr.
                $12 is Walmart's national minimum. Any stores in higher-wage areas have higher floors (well above $12.93)

                I'm not even getting into the whole progtardian argument about how paying no wages makes the government responsible for an individual, but paying them $12 makes that payer suddenly responsible. Comedy gold. And of course that magical number where responsibility shifts again is ever elusive.

                Regardless... the main point is that the market is already largely above the peak adjusted wage Wags' graph contemplates. With zero help from an enforced federal minimum wage. So what are you really accomplishing.... other than un-employing the most marginalized workers who really have nowhere else to go.

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                • #9
                  Originally posted by BroncoBeavis View Post

                  $12 is Walmart's national minimum. Any stores in higher-wage areas have higher floors (well above $12.93)

                  I'm not even getting into the whole progtardian argument about how paying no wages makes the government responsible for an individual, but paying them $12 makes that payer suddenly responsible. Comedy gold. And of course that magical number where responsibility shifts again is ever elusive.

                  Regardless... the main point is that the market is already largely above the peak adjusted wage Wags' graph contemplates. With zero help from an enforced federal minimum wage. So what are you really accomplishing.... other than un-employing the most marginalized workers who really have nowhere else to go.
                  Increasing the federal minimum wage won't hurt, then. It's stuck in value at around 1947 or 1948.

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                  • #10
                    Originally posted by BroncoBeavis View Post

                    ...

                    I'm not even getting into the whole progtardian argument about how paying no wages makes the government responsible for an individual, but paying them $12 makes that payer suddenly responsible.
                    You miss my point once again.

                    Fact is, the government DOES take responsibility, i.e., in the form of food stamps and other "handouts" - yet we never hear a peep of protest from "conservatives" (who are supposed to be opposed to government handouts on principle.)

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                    • #11
                      Originally posted by W*GS View Post

                      Increasing the federal minimum wage won't hurt, then. It's stuck in value at around 1947 or 1948.
                      In the aggregate, it wouldn't make much difference (assuming $12/hr)

                      To the low percentage of people who struggle to find work around the current minimum, it will likely do far more harm than good.

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                      • #12
                        Originally posted by BroncoBeavis View Post

                        In the aggregate, it wouldn't make much difference (assuming $12/hr)

                        To the low percentage of people who struggle to find work around the current minimum, it will likely do far more harm than good.
                        No evidence of that - the studies that have been done on real-world data (new and startling to economists, truly) show no impact from minimum wage hikes.

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                        • #13
                          Originally posted by W*GS View Post

                          No evidence of that - the studies that have been done on real-world data (new and startling to economists, truly) show no impact from minimum wage hikes.
                          Lolz.... No. Not even your own government believes that.

                          https://www.cnbc.com/2021/02/08/rais...-cbo-says.html

                          Raising minimum wage to $15 would cost 1.4 million jobs, CBO says

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                          • #14
                            LOL.

                            Always take anything any trickle-down/supply side true believer says about any economic problem with a large grain of salt.

                            To understand why raising the minimum wage makes sense, you need only understand that a higher minimum wage puts more money into the pockets of people who will spend it, mostly in the local economy. That spending encourages businesses to hire more workers.

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                            • #15
                              Originally posted by BroncoBeavis View Post

                              Lolz.... No. Not even your own government believes that.

                              https://www.cnbc.com/2021/02/08/rais...-cbo-says.html

                              Raising minimum wage to $15 would cost 1.4 million jobs, CBO says
                              That should be common sense. Raise prices or cut operating expenses like payroll. Sure, they'll keep the ideal number of employees to maximize profits.

                              Comment


                              • #16
                                Originally posted by BroncoBeavis View Post

                                Lolz.... No. Not even your own government believes that.

                                https://www.cnbc.com/2021/02/08/rais...-cbo-says.html

                                Raising minimum wage to $15 would cost 1.4 million jobs, CBO says
                                https://www.economist.com/finance-an...cal-revolution

                                In a landmark paper published in 1994, Mr Card and Alan Krueger studied the impact of a minimum-wage increase in New Jersey by comparing the change in employment there with that in neighbouring Pennsylvania, where the wage floor was unchanged. Although theory predicted that a minimum-wage rise would be followed by a sharp drop in employment, such an effect, strikingly, did not seem to hold in practice.
                                Until economics abandons its fact-free rationalist fantasies and actually studies the real world, it's best to extremely skeptical of its claims.

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                                • #17
                                  Originally posted by W*GS View Post
                                  Until economics abandons its fact-free rationalist fantasies and actually studies the real world, it's best to extremely skeptical of its claims.
                                  Says the guy ignoring his own CBO so he can tell us one 30-year-old study is the only thing we should listen to.

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                                  • #18
                                    Originally posted by BroncoBeavis View Post

                                    Says the guy ignoring his own CBO so he can tell us one 30-year-old study is the only thing we should listen to.
                                    Empiricism outweighs theory every time.

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                                    • #19
                                      Is there an way to define an 'effective minimum wage' that varies over the country based on standard of living. That might get some support from moderate folks like me.

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                                      • #20
                                        Originally posted by W*GS View Post

                                        Empiricism outweighs theory every time.
                                        RegressiveWorld: Where fealty to the trickle-down/supply side fairy tale trumps experimental evidence, pragmatism and common sense every time.

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                                        • #21
                                          Click image for larger version

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                                          • #22

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                                            • #23
                                              Originally posted by L.A. BRONCOS FAN View Post
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                                              Lol, that describes USA the last 30 years, perfectly...

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                                              • #24
                                                Originally posted by B-Large View Post

                                                Lol, that describes USA the last 30 years, perfectly...
                                                Yep.






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                                                • #25
                                                  This makes Republicans sad!

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