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re: The Shape of Things to Come: 1969 vs 2019, US Dollar value.
Posted on 8/17/19 at 7:24 pm to Champagne
Posted on 8/17/19 at 7:24 pm to Champagne
Don't know the numbers, but how many hours would the average working person need to earn that $700 in 2019 compared to 1969. Comparing minimum wage year over year isn't adequate because that number has been frozen for ten years.
Min wage 1969 - $1.30
Min wage 2019 - $7.25
(7.25/1.30)*100 = $558
But many places are at $12 or even $15 which would yield more buying power now than 1969. The real problem is that medical, college and housing expenses all have inflated at far higher rates than GNP deflator.
Min wage 1969 - $1.30
Min wage 2019 - $7.25
(7.25/1.30)*100 = $558
But many places are at $12 or even $15 which would yield more buying power now than 1969. The real problem is that medical, college and housing expenses all have inflated at far higher rates than GNP deflator.
1
Posted on 8/17/19 at 8:23 pm to BigAppleBucky
quote:
Don't know the numbers, but how many hours would the average working person need to earn that $700 in 2019 compared to 1969.
This means nothing without taking inflation into account. $700 in 1969 equates to $4,893.72 today.
So to make $700 at $1.30/hour would take 538.5 hours or 67.3 days (working 8 hours per day).
To make $4,893.72 at $7.25/hour would take 675 hours or 84 days (working 8 hours per day).
For minimum wage in 2019 to have the same buying power it did in 1969 it would have to be $9.09/hour.
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