I'm sure a lot of us know by instinct that American Capitalism is a scam. But you have some relatives, friends, whoever who don't quite buy that story. Say the math doesn't check out…
Well, I have the numbers to prove it. Here goes.
First off, set the stage:
- The US Bureau of Labor Statistics found that Nonfarm Business Sector Output per hour has risen from 33.389 in Q1 1960 to 111.029 in Q2 2022
- Minimum wage was $1.00 in 1960, $9.77 adjusted for inflation
- Minimum wage is $7.25 in 2022
- Inflation has increased by approximately +876.7% from Q1 1960 to Q2 2022
So, take all that, and:
111.029 / 33.389 = 3.325*
3.325 x $9.77 = $32.48 *
Conclusion: using 1960 pay and productivity standards as a baseline, American workers should be making $32.48, minimum, at their jobs.
And yet, the minimum wage is $7.25 per hour. You're out there producing more wealth than any generation before you, and you're not even seeing a fraction of what you're owed. More production and higher outputs have resulted in less pay. Make that make sense! Oh wait, it doesn't…
We're a whole mf country of workers getting scammed.
TLDR: The minimum wage should be $32.48. We deserve better. Tell your friends.
Note: *Indicates a rounded number. Dollar amounts were rounded down to the nearest penny.