Minimum wage and buying power
The first job I had (that was official and took out SS) was in the early 70s. At that time the minimum wage was somewhat less that $2/hr, I think about $1.65. It was just apart time job, the first full time job was about $3.25/hr in 74-75.
At that time you could buy a brand new car for about $2k, albeit a Ford Maverick, but just to establish a base. My mom & dad paid about $17k for our house. I bought a color TV shortly after moving out on my own and that was close to $600 at the time for a big 25” console. At least electronics are cheaper these days. I worked in a meat market for awhile and remember ground beef was 99 cents/lb, so I think the cost of food has not gone up as dramatically as big ticket items. I was up to $5/hr by th he time I was 18-19 and I remember thinking that wasn’t a bad wage at the time. By the end of the 70s I was making around $8/hr. At that time I think minimum wage was around $3 an hour. I had one minimum wage job back then as a security guard while I was going to college.
Anyway, I’d say big ticket items like home and cars have gone up at least 10 fold over my working career (I’m retired now). Also, all those jobs I had back then paid my health insurance. As I remember the company covered me 100% with no payroll deduction, though people with families had to pay a share of the coverage for their dependents. So minimum wage has gone up around 5 fold while most everything else has gone up way more. Even at $15/hr it would be hard to live independently these days.
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