Buying Power Of Minimum Wage

This chart is from the website of ABC News, and it shows what our elected officials have allowed to happen to the minimum wage. Even though the minimum wage was only $1.60 an hour back in 1968, it could buy the same amount of goods and services as a $10.70 an hour wage can buy today. But a person making minimum wage today ($7.25 an hour) doesn't have near that same buying power -- which means, in real dollars, those people working for minimum wage today are making significantly less than their counterparts in 1968.

But the Republicans refuse to consider raising the minimum wage to a livable wage (at least what it was in 1968). In fact, some of them would like to eliminate the minimum wage, and let employers pay even less that that. That makes me wonder, would those congressional Republicans be happy with making over 30% less than a congressional wage would by in 1968? Would their corporate masters be happy making less in buying power than a corporate mogul made in 1968?

We all know the answer to that. They would be incensed. They want (and have) an increase in buying power over their counterparts in the past. I can understand that. We all would like an increase in buying power. But if an increase is in order for the rich (and their congressional lackeys), why then must millions of workers accept a decrease? That doesn't sound fair to me. That sounds like a system designed to make the rich even richer, and everyone else poorer (through stagnant wages with decreased buying power).

The minimum wage needs to be raised -- to at least $10 an hour (and then tied to the rate of inflation). That wouldn't even be an increase over 1968 buying power (like the rich have seen), but just a restoration of that same buying power.