/biz/ - Business & Finance

>>29818922
Why does everyone always seems to forget about inflation? Minimum wage has gotten LOWER over the decades as the buying power of the dollar decreased.

> Value of $9.63 from 1968 to 2021
>$9.63 in 1968 is equivalent in purchasing power to about $72.39 today, an increase of $62.76 over 53 years. The dollar had an average inflation rate of 3.88% per year between 1968 and today, producing a cumulative price increase of 651.67%.

>This means that today's prices are 7.52 times higher than average prices since 1968, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 13.30% of what it could buy back then.

>The 1968 inflation rate was 4.19%. The current year-over-year inflation rate (2020 to 2021) is now 1.40%1. If this number holds, $9.63 today will be equivalent in buying power to $9.76 next year. The current inflation rate page gives more detail on the latest inflation rates.

It's no wonder boomers back then could afford giga-houses and large families with shit jobs and no education. Now with their hoarded wealth, they just look down on everyone and say grab those boot straps and get waging. For pennies compared to what they earned.