Living on the Minimum, What It'll Buy You, Then and Now
by Anthony Sibley (AJ) on Jul 13, 2013 | Views: 96 | Score: 0
| Minimum Wage (real value, 2011 USD) | Movie Ticket (in tens of minutes worked) | Average Rent (in tens of hours worked) | |
|---|---|---|---|
| 1950 | 7 | 3.8 | 5.6 |
| 1960 | 7.6 | 4.1 | 7.1 |
| 1970 | 9.28 | 5.8 | 6.75 |
| 1980 | 8.46 | 5 | 7.8 |
| 1990 | 6.54 | 10.2 | 11.8 |
| 2000 | 6.73 | 7.8 | 11.7 |
| 2010 | 7.48 | 9.6 | 10.9 |
Price in terms of Time Worked at Min. Wage
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Because legislative initiatives increase the minimum wage, versus it following the yearly inflation rates, its 1968 real value, $10.70, was 26% greater than its current value. Its purchasing power decreased precipitously in the 80s. By 1990, a minimum-wage earner needed to work 118 hours, 70% of gross monthly pay, to pay an average rent. In 1950, it was 58 hours.