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Brian -
On the chance that, like me, others cannot get that slideshow to function, I'm going to provide a second link for the same at the original source.
Minimum Wage and What It Buys You: 1950s to Now"There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid
"It is easier to build strong children than to repair broken men." --Frederick Douglass -
Thank you. I wasn't aware that it wasn't working for some people.Originally posted by Joan.of.the.Arch View PostBrianComment
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The lesson is we should all strive to make more than minimum wage. Otherwise, you're gonna need a roomie."Those who can't remember the past are condemmed to repeat it".- George Santayana.Comment
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I think the real message should be that there needs to be change. Lots of it.
I have always wished that I'd grown up in the 50's. That has not changed.Comment
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This story is not as simple as it initially seems. There are various other factors, costs, prices and lifestyle issues that one needs to factor in. I published an article in a national financial publication a number of years ago that had some stats that are kind of related to this topic. I'd have to dig out the article for actual numbers but it talked about average home size, percentage of income spent on meals at home vs. meals out, percentage of income to buy a car, average family size, etc. So by picking just 3 prices to look at in this article, they're giving an incomplete/biased view.
Of course, that's not to say that earning minimum wage is a great thing or that it is easy to support yourself on it. I'm just trying to point out that there is more to the story.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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in 1989 i was making $6 at an auto parts store but gas was only $1.25, i was able to buy almost 5 gallons. now gas is $4 and the min wage is around 2 gallons of gas - the spreads are widening. the cost of living is rising or in other words inflation is eating you alive.retired in 2009 at the age of 39 with less than 300K total net worthComment
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....also i must add (just so i bring guns into this discussion) that guns have kept up with inflation among other hard asset items. its an easy investing philosophy i follow, ABCD investing. anything Bernanke can't destroyretired in 2009 at the age of 39 with less than 300K total net worthComment
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It's hard for me to really say how my life has changed based solely on my wage. When I was making minimum wage I was 16 years old. I lived with my Dad and had no debt and no real responsibilities. My life was pretty good and care free (money wise) no matter what I would've been making at the time.BrianComment
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