I don't agree with this calculation, but, for what it's worth, my brother sent this out recently. [So, in case I'm wrong and he's right, which almost never happens…]
50 years ago (1963) the minimum wage was 1.25. See dol.gov/whd/minwage/chart.pdf.
- A 1963 dime (90% silver) is now worth $1.90
- 19 x 1.25 = $23.75
That's what the minimum wage would be, adjusted for inflation. I think this discrepancy should be reimbursed retroactively by the “elite” 1%! 🙂
See also …
I DO agree with the following update, however…
UPDATE: In 1970, we were on the gold standard and a dollar was artificially set at 1/32 of an oz. of gold. In 1973 we went off, and the entire economy was no longer valued in gold, but petro dollars. In the late 70s, the billionaire Hunt heirs sought to corner the silver market which drove gold up to $600 an ounce. In response, the gov't raised the margin requirements, bankrupting the Hunts, and gold slid to $300 by 1982, but by 1984 stabilized around $400/oz. So if you start with 1984 with a minimum wage of $3.35 and gold at $400, you get a multiplier of only 4.28. Which gives you a 2021 minimum wage of $14.30/hr.