90% of Americans Earn Less Than 1950 Minimum Wage Standard

[Toddsterpatriot]

When it comes to the affordability of common household goods the rich and the poor are both getting richer AEI

I thought the OP used a weak and highly partisan resource. But then, so do you. AEI? One can't get a better tool for the Top 1% than AEI!
There is no doubt when using Real Dollars, that the American workforce is making less than they did in the 1970's. There isn't an economist alive that would dispute that fact.

One can't get a better tool for the Top 1% than AEI!

Well if you could show that the average worker needs to work more hours to buy the items they listed,
you might have a point.

There is no doubt when using Real Dollars, that the American workforce is making less than they did in the 1970's.

Sure there is.

The table below extracts from B-47 to reduce its size. The inflation is adjusted using 1982-84 dollars as its base.

Year Weekly Earnings (1982-84 dollars)
1972 $341.83 (peak)
1975 $314.75
1980 $290.86
1985 $285.34
1990 $271.12
1992 $266.46 (lowest point; 22% below peak)
1995 $267.07
2000 $284.79
2005 $284.99
2010 $297.67
2011 $294.78 (still 14% below peak)
Middle Class Political Economist Basics Real Wages Remain Below Their Peak for 39th Straight Year

In today's world, most consumer products are made offshore using cheaper materials. Cars used to be made of metals and were much safer, things like TV's don't have as long as life as they used to. I had a TV made in the US I bought in the 1980's, it outlasted several TV's that were made cheaply offshore, as a matter of fact my "Made in the USA" TV just died in February of this year. Now many things that we buy are cheaper (in Real Dollars) and are basically disposable. A car gets in an accident today traveling at 15 mph versus a car made in America when cars were made of metals, there's huge cost differential in the extensive repair. People cars today get totaled today in what used to be called a "fender-bender". Clothing is cheaper too. I still own a pair of Levis from back in the day when they were made in America. They are much thicker than the Levis made offshore and they have outlasted the crap that are on the shelves today.
I just love that folks try to say a person doesn't have to work extra time to buy the cheaply made goods of today, versus the high quality "Made in the USA" goods of yester-year.
That's an apple-to-oranges argument.

Wages aren't the best measurement.

Really? Well what exactly is the best measurement?

Real compensation would be better.

 

[EdwardBaiamonte]

Read more: 90 of Americans Earn Less Than 1950 Minimum Wage Standard Minimum Wage Workers Union of America

Of course that's 100% percent impossible given that most workers today have smart phones, flat screen TV's, and state of the art medical care that had not even been invented in 1950.
See why we say the liberal will always be slow?

 

[Iceweasel]

Well gee, we had a whole LOT less government back then too. So try to think for a CHANGE. How is higher taxes and more regulation going to get us closer to higher wages?

 

[EdwardBaiamonte]

Well gee, we had a whole LOT less government back then too. So try to think for a CHANGE. How is higher taxes and more regulation going to get us closer to higher wages?

liberals killed higher wages with the highest corporate taxes in the world, inviting 20 million illegals in, unions, and destroying the family and schools.