| 1956 Federal Minimum Hourly Wage | $1 (source) |
|---|---|
| Cost of 1956 Ford F100 | $1,580 (source) |
| 1956 Full Time Annual Minimum Wage Salary (40*52*$1) | $2,080 |
| 1956 Car / Annual Salary | 0.760 |
| 2022 Federal Minimum Hourly Wage | $7.25 |
| Cost of 2022 Ford F150 | $31,520 (source) |
| 2021 Full Time Annual Minimum Wage Salary (40*52*$7.25) | $15,080 |
| 2022 Car / Annual Salary | 2.090 |
We might infer either that cars are 2.75 (2.090/0.760) times more valuable now than in 1956, or that our federal minimum wage is effectively 0.363 (0.760/2.090) times what it was in 1956.
The federal minimum wage is a promise to employees and a threat to companies that a certain quality of life will be provided. However, quality of life is a fairly abstract and difficult to quantify concept. This model discounts many important factors to consider, such as taxes, welfare programs, cost of repairs, cost of other goods at the time, etc.
Thus, in no way should this model lead you to question whether you continue to make a wise choice by living in a warmongering state where quality of life has steadily been decreasing for over half a century rather than some other place where quality of life has been increasing.