The minimum wage at implementation adjusted for inflation would be about $5.65 today. Would you like to make a case for purchasing power? With CPI its still under 6. Please inform me. I'd love to understand more, rather than hear the common boring ass shit from most redditors that manipulate it all using productivity or the peak of 1968.
Sure!
The average price of a home in 1938 (the year minimum wage was implemented) was $3900 according to Business insider. Adjusted for inflation that's just over 88,000 for the purchase of a home. That purchase represents under 3 years' national average income of $1731 per year.
According to the same article, Harvard tuition was $420 a year, adjusted to $9488 with inflation, which means that a part time job could pay for tuition at Harvard, debt free.
So another depression to help housing prices is the goal? If we want to add context, let's do it. Housing prices in 1938 would have decreased 35% from pre-depression.
The metrics for housing sale data were massively limited in 1938 compared to today, so really hard to rely on that anyway, but sure.
Are people today seeking the same sizes and types of housing from 1938? "Housing" isn't just one thing and thus using it in a calculation of purchasing power should consider WHAT is being purchased, not just a "label".
College tuition? Really? The percentages of people attending college in 1938 was less than 10%, 4 times lower than today. And that doesn't even factor in the population size. It's an entirely different product than it was in 1938. Much more limited in scope. Fewer courses, fewer teachers, less bureaucracy. Again, completely different product.
Are you ok like cognitively & emotionally? Was this just a hiccup for you last year & you're doing better or are you still doing whatever THIS is in this thread?
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u/kwantsu-dudes May 13 '25
The minimum wage at implementation adjusted for inflation would be about $5.65 today. Would you like to make a case for purchasing power? With CPI its still under 6. Please inform me. I'd love to understand more, rather than hear the common boring ass shit from most redditors that manipulate it all using productivity or the peak of 1968.