Consider this little discussed fact:
Adjusted for inflation, the US Minimum Wage was less than $4 per hour as recently as the late 1940’s. Right now, politicos are wrangling about the $7.25 minimum wage and if it should be raised a lot. This seems to be a continuation of the recent wage growth of the top 1% in the last 20 – 30 years. The real truth is that nearly everyone has grown much richer during the last 60 – 70 years.
We need to keep things in perspective.
Minimum wage expenses are better than they have ever been, the costs of increases always funded by the consumers, and minimum wage will never be the path to a posh and comfortable life. Far better to teach people how to produce greater value. With greater value comes better pay. But, all in all, the situation is not dire at all — there are plenty of jobs that pay above minimum wage for those that choose to be more positive and hustle more than the average.
I.M. Optimism Man