Or, to put it another way, in 1960 minimum wage was $1.00/hour and the cost of the average home was $11,000.00. A burger flipper could get hired on high school graduation day and be a homeowner in 20 years without ever getting a raise.
Are you saying that all the technological and medical progress of the last 60 years was a direct result of the decrease of real wages?
Let’s be liberal and go with California’s $20.00 minimum wage. Price of an average US home today is about $350,000. If a minimum wage worker lived with their parents and saved all their they could buy a house in about 9 years. The 1960’s version could do it in about 5 years.
The actual price of the average home in California is over $750,000.00
Or, to put it another way, in 1960 minimum wage was $1.00/hour and the cost of the average home was $11,000.00. A burger flipper could get hired on high school graduation day and be a homeowner in 20 years without ever getting a raise.
Are you saying that all the technological and medical progress of the last 60 years was a direct result of the decrease of real wages?
Real wages are up since the 1960s
Let’s be liberal and go with California’s $20.00 minimum wage. Price of an average US home today is about $350,000. If a minimum wage worker lived with their parents and saved all their they could buy a house in about 9 years. The 1960’s version could do it in about 5 years.
The actual price of the average home in California is over $750,000.00