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View Diary: Short Q&A Riddle For Wingnut/Tea Party Friends and Relatives (9 comments)

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  •  Good points - Now to condense them (0+ / 0-)

    The trick is to put all this into two or three sentences in a way that's simple to grasp, yet has implications too big to ignore.

    Conservatives like to point out that people have so much more 'essential' consumer goods today, so they really have it well off even if they don't have all that much money. What they don't want people to do is figure out how much buying power they've had over the years, and how it compares.

    If you look at the first table in this pdf file, the minimum wage peaked in 1968 at $10.77 an hour in today's dollars - and it's been trending mostly downward ever since. And note that 1968 was at the height of the Vietnam War; it's not like there wasn't pressure on the economy.

    If you look at this chart, it shows US GDP in constant dollars by quarterly numbers from 1947 to 2003 Q2. If I'm reading it right, the 1968 Q2 GDP was only 20.6% of what it was in 2013 Q2.

    Put it another way, the GDP is now 5 times bigger even as the minimum wage has fallen from where it was in 1968 - so where has all the money gone and who has it?

    Note: these numbers are a first approximation just pulling up what I could find quickly. Even if it's not as bad as this seems to show, it's still not good.

    "No special skill, no standard attitude, no technology, and no organization - no matter how valuable - can safely replace thought itself."

    by xaxnar on Sat Nov 02, 2013 at 08:19:56 PM PDT

    [ Parent ]

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