That's a 33% increase since I entered the labour force.
Of course inflation has rose quite steeply during that same time period. But it's just mind boggling when you start crunching the numbers.
That's a 33% increase since I entered the labour force.
Of course inflation has rose quite steeply during that same time period. But it's just mind boggling when you start crunching the numbers.
My step father (old as dust) worked as a dairy manager in a grocery store. He built a house worth over 1M (priced 6 years ago) all while putting his daughter through college and divorced. think about them apples.
In 2007, the US minimum wage was raised from $5.15 to $5.85. Current minimum wage is $7.25. If we consider the $5.15 wage, that $2.10, about a 40%-of-baseline increase. If we consider the $5.85 wage, about 25%.
A dollar in 2007 had the purchasing power of $1.24 today, a 24%-of-baseline increase. It's interesting that the minimum wage has tracked inflation almost perfectly since the 2007 hike.
loss of Dollar purchasing power is serious