This has been making the rounds on social media again:
The reason this is making the rounds is from a supposed ‘study’ finding that a person making minimum wage in 1970 has a lifestyle the same as someone making $100,000 per year today. That is pure, Grade-A horse shit. The above picture is where they got this from, and it’s easily tossed aside.
A person making the Federal minimum wage today gets $7.50 per hour, or $15,600 per year. If he is paid in $50 gold eagle coins, he would receive 312 of them in a year. Those 312 coins are made of gold and would have a melt value of $1,279,200. So I can say that a person making minimum wage today has the same purchasing power of someone who makes $1.2 million.
It’s just a bait and switch for idiots.
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