alt Hacker NewsThis isn't true for median purchasing power. You're looking at the federal minimum wage, not the median. Only about 1% of hourly workers earn $7.25 or less.
Median earnings were $48,070 in 1975, measured in 2024 dollars, and $51,370 in 2024.
This isn't true for median purchasing power. You're looking at the federal minimum wage, not the median. Only about 1% of hourly workers earn $7.25 or less.
Median earnings were $48,070 in 1975, measured in 2024 dollars, and $51,370 in 2024.
Median earnings in 1970 were closer to 56k in today's dollars. 1970-1980 was a recessionary period, followed by stagflation in the 80s. I hate when people use that time period as an anchor to show growth. It's like using 2009 as an anchor.