40% Of US Workers Now Earn Less Than 1968 Minimum Wage


mentalfloss
#1
40% Of US Workers Now Earn Less Than 1968 Minimum Wage

Are American workers paid enough? That is a topic that is endlessly debated all across this great land of ours. Unfortunately, what pretty much everyone can agree on is that American workers are not making as much as they used to after you account for inflation. Back in 1968, the minimum wage in the United States was $1.60 an hour. That sounds very small, but after you account for inflation a very different picture emerges. Using the inflation calculator that the Bureau of Labor Statistics provides, $1.60 in 1968 is equivalent to $10.74 today.

And of course the official government inflation numbers have been heavily manipulated to make inflation look much lower than it actually is, so the number for today should actually be substantially higher than $10.74, but for purposes of this article we will use $10.74. If you were to work a full-time job at $10.74 an hour for a full year (with two weeks off for vacation), you would make about $21,480 for the year.

That isn’t a lot of money, but according to the Social Security Administration, 40.28% of all workers make less than $20,000 a year in America today. So that means that more than 40 percent of all U.S. workers actually make less than what a full-time minimum wage worker made back in 1968. That is how far we have fallen.

The other day I wrote an article which discussed the transition that we are witnessing in our economy right now. Good paying full-time jobs are disappearing, and they are being replaced by low paying part-time jobs. So far this year, 76.7 percent of the jobs that have been “created” in the U.S. economy have been part-time jobs.

40% Of US Workers Now Earn Less Than 1968 Minimum Wage - Sound Money Institute (external - login to view)
 
Walter
+1
#2
Information. So what. What % earned less in '68?
 
captain morgan
Bloc Québécois
+2
#3
I suppose that this is the result of 8 years of hope and change
 
petros
+2
#4
1n 1968 people didn't have useless gadgets, cable bills, eco taxes, a TV in every room with game systems attached. Hell they barely had FM radio.
 
mentalfloss
#5
Quote: Originally Posted by WalterView Post

Information. So what. What % earned less in '68?

Dunno.
 
gerryh
#6
Quote: Originally Posted by petrosView Post

1n 1968 people didn't have useless gadgets, cable bills, eco taxes, a TV in every room with game systems attached. Hell they barely had FM radio.


BS, they did so, just not the same things we have now.
 
petros
#7
Quote: Originally Posted by gerryhView Post

BS, they did so, just not the same things we have now.

Like? A CB and a monopoly board?
 
Tonington
+4
#8  Top Rated Post
Quote: Originally Posted by WalterView Post

Information. So what. What % earned less in '68?

So you want information on what percentage of Americans earned less than the 1968 minimum wage in 1968? Well hopefully the answer is 0, but of course it's not. Where do you find reliable statistics on employment and earnings for an underground economy?

Today, minimum wage earners are ~2% of the American economy, yet 40% of Americans earn less than the minimum wage in 1968 when comparing with constant currency. That's a problem.
 
gerryh
+1
#9
Quote: Originally Posted by petrosView Post

Like? A CB and a monopoly board?


guess that's the problem with either not growing up in that era or living in the middle of no where during that time. Which was it for you?

Sixties Electrical goods and appliances in the 1960's prices examples from The People History Site (external - login to view)

Top Gadgets of the 1960's | TechVert (external - login to view)


and that's without even trying.
 
captain morgan
Bloc Québécois
+1
#10
The difference between then and now has more to do with credit availability and therefore access to these goods.

Back in the '60s, no one (read bank) would give you credit to buy a TV or likely a car... If you didn't have cash on the bbl-head, all you could do is window shop
 
gerryh
#11
Quote: Originally Posted by captain morganView Post

The difference between then and now has more to do with credit availability and therefore access to these goods.

Back in the '60s, no one (read bank) would give you credit to buy a TV or likely a car... If you didn't have cash on the bbl-head, all you could do is window shop


Try again. Credit cards were readily available by the end of the 60's. As were personal banks loans for such things as cars and boats.
 
captain morgan
Bloc Québécois
#12
1968 was the introduction of credit cards in Canada... Approval standards weren't exactly as easy as they are today.

Regardless, the availability of uber-easy and 'everyone approved' credit facilities allow damn near anyone to get something on credit... Hell, the auto industry would not have survived without it
 
gerryh
+1
#13
Quote: Originally Posted by captain morganView Post

1968 was the introduction of credit cards in Canada... Approval standards weren't exactly as easy as they are today.

Regardless, the availability of uber-easy and 'everyone approved' credit facilities allow damn near anyone to get something on credit... Hell, the auto industry would not have survived without it


Considering this article is referencing the States, the CC was introduced well before '68. Diners Club, as an example, was available in the '50s and the Bankamerica card in the late 50's.


The fact is, "frivolous" toys were available in the 50's and 60' the same as they are available now. It was just different "toys".
 
petros
#14
Quote: Originally Posted by gerryhView Post

guess that's the problem with either not growing up in that era or living in the middle of no where during that time. Which was it for you?

Sixties Electrical goods and appliances in the 1960's prices examples from The People History Site (external - login to view)

Top Gadgets of the 1960's | TechVert (external - login to view)


and that's without even trying.

I had to go to Sears to watch cartoons in colour.
 
taxslave
No Party Affiliation
#15
Quote: Originally Posted by petrosView Post

I had to go to Sears to watch cartoons in colour.

The joys of big city living.
 
petros
#16
Quote: Originally Posted by taxslaveView Post

The joys of big city living.

Kelowna wasn't big. It had a hippy problem but wasn't big.
 
Goober
Free Thinker
+2
#17
Quote: Originally Posted by petrosView Post

I had to go to Sears to watch cartoons in colour.

We didn't have cartoons. You were spoiled.
 
BaalsTears
+2
#18
This is Obama's fault.
 
JamesBondo
-1
#19
Muscle cars were big toys and many people had them
 
Sal
No Party Affiliation
#20
Quote: Originally Posted by petrosView Post

1n 1968 people didn't have useless gadgets, cable bills, eco taxes, a TV in every room with game systems attached. Hell they barely had FM radio.

we had FM radio and had just acquired 3 stations on tv
 
Kreskin
+4
#21
Quote: Originally Posted by captain morganView Post

The difference between then and now has more to do with credit availability and therefore access to these goods.

Back in the '60s, no one (read bank) would give you credit to buy a TV or likely a car... If you didn't have cash on the bbl-head, all you could do is window shop

The biggest difference between then and now is back then you inflated your way to more prosperity. Mortgages are linear. If you couldn't afford your payment you would afford it in the not too distant future. These day people are shackled for life.
 
Sal
No Party Affiliation
+3
#22


oooooooomg gawd I forgot about pole lamps, one sat right between my parents two chairs
 
B00Mer
Republican
#23
Education, you want a better job, better pay... get an education..

Bill Cosby talking about education - YouTube



Bill Cosby speaks bluntly about black people and education - National Education | Examiner.com (external - login to view)
 
captain morgan
Bloc Québécois
#24
Quote: Originally Posted by KreskinView Post

The biggest difference between then and now is back then you inflated your way to more prosperity. Mortgages are linear. If you couldn't afford your payment you would afford it in the not too distant future. These day people are shackled for life.

Sure enough... Going to be interesting to watch things unfold in the future as some doors close and new ones open
 
petros
#25
Quote: Originally Posted by SalView Post

we had FM radio and had just acquired 3 stations on tv

Was the third channel CBC French?
 
Sal
No Party Affiliation
#26
Quote: Originally Posted by petrosView Post

Was the third channel CBC French?

no...one channel was Kitchener another was London and then they added Toronto so we thought we were really in the big time with a cosmopolitan influence
 
petros
+1
#27
Quote: Originally Posted by SalView Post

no...one channel was Kitchener another was London and then they added Toronto so we thought we were really in the big time with a cosmopolitan influence

Wow. I only had two and one of them was CBC French.
 
Sal
No Party Affiliation
#28
Quote: Originally Posted by petrosView Post

Wow. I only had two and one of them was CBC French.

lucky you as you can likely speak French well. I can't. I wish I could. when I retire I'm going to get the Rosetta Stone and expand my languages
 
petros
+1
#29
Quote: Originally Posted by SalView Post

lucky you as you can likely speak French well. I can't. I wish I could. when I retire I'm going to get the Rosetta Stone and expand my languages

Nope. Espanol. Only watched hockey on CBC French and that was with the volume cranked down. If I learned french my old man would have shot me.
 
Sal
No Party Affiliation
+1
#30
Quote: Originally Posted by petrosView Post

Nope. Espanol. Only watched hockey on CBC French and that was with the volume cranked down. If I learned french my old man would have shot me.

well can't have your dad murdering his kids...at least you are bilingual... good on you
 

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