Minimum Wage Was $12/Hr Fifty Years Ago (Script & Sources)
Added 2021-03-06 09:05:51 +0000 UTCHey! Remember when you were unequivocally promised a $15 minimum wage, even though you actually deserve $27 an hour, and now you’re being told that the best they can do is maybe $11 an hour? Get the fuck outta here, when accounting for inflation, minimum wage workers were being paid $12 an hour FIFTY-THREE YEARS AGO. And they want to give you $11 in 2024?
Meanwhile, the economy’s potential for higher wage, meaning the amount of money that’s been brought in through higher productivity - went up by 120% in the last 50 years, so not only are minimum wage workers making 40% less than they did, companies can afford to pay those workers 120% MORE they did when they were paying them $12 an hour. The difference is that 50 years ago, the top 10% made 7 times as much as the bottom 10% and twice as much as the middle class, today they make 3 times as much as the middle class, and 13 times as much as the bottom 10%, so if you were wondering where all that extra money went, the top 10% took it, and then another 40% of your income on top of that.
And if you think that raising the minimum wage will mostly affect teenagers flipping burgers then with all due respect, you are stupid and being lied to by propaganda funded by billionaires. But I don’t have enough time to explain why, so like and follow for my next video about the biggest lies you’re being told about raising the minimum wage. Spoiler alert: it doesn’t cause mass unemployment or inflation.
