40% of us workers now earn less than 1968 minimum wage

7/30/2019 40% of US Workers Now Earn Less Than 1968 Minimum Wage

1/19

40% Of US Workers Now Earn Less Than

1968 Minimum Wage

Submitted byTyler Durdenon 08/05/2013 15:45 -0400

http://www.zerohedge.com/news/2013-08-05/40-us-workers-now-earn-less-1968-minimum-wage

Submitted by Michael Snyder viaThe Economic Collapse blog,

Are American workers paid enough? That is a topic that is endlessly debated all across thisgreat land of ours. Unfortunately, what pretty much everyone can agree on is that Americanworkers are not making as much as they used to after you account for inflation. Back in 1968,

the minimum wage in the United States was $1.60 an hour. That sounds very small, but afteryou account for inflation a very different picture emerges. Using the inflation calculatorthat

the Bureau of Labor Statistics provides, $1.60 in 1968 is equivalent to $10.74 today.

And of course the official government inflation numbershave been heavily manipulatedto makeinflation look much lower than it actually is, so the number for today should actually besubstantially higher than $10.74, but for purposes of this article we will use $10.74. If you wereto work a full-time job at $10.74 an hour for a full year (with two weeks off for vacation), youwould make about $21,480 for the year.

That isn't a lot of money, but according to the Social Security Administration,40.28%of all

workers make less than $20,000 a year in America today. So that means that more than 40percent of all U.S. workers actually make less than what a full-time minimum wage worker madeback in 1968. That is how far we have fallen.

The other day I wrotean articlewhich discussed the transition that we are witnessing in oureconomy right now. Good paying full-time jobs are disappearing, and they are beingreplaced by low paying part-time jobs. So far this year,76.7 percentof the jobs that have been"created" in the U.S. economy have been part-time jobs.

That would be depressing enough, but what makes it worse is that wages for many of these lowpaying jobs have actually been declining over the past decade even as the cost of living keeps

going up. The following is from a recentUSA Today article...

In the years between 2002 and 2012, real median wages dropped by at least 5% in five of the top10 low-wage jobs, including food preparers and housekeepers.
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2/19

So where have the good jobs gone?

Well, there are three long-term trends that are absolutely crushing American workers right now.

First of all, thanks to ourvery foolish politiciansAmerican workers have been merged into a

global labor pool where they must directly compete for jobs with workers on the other side of theplanet that live in countries where it is legal to pay slave labor wages. This has resulted inmillions upon millions of good jobs leaving this country. Big corporations can pad their profitsby taking a job from an American worker making $15 an hour with benefits and giving it to aworker on the other side of the globe that is willing to work for less than a dollar an hour with nobenefits. Our politicians could do something about this, but they refuse to do so. Most of themare absolutely married to the idea of a one world economic system that will unite the globe.Unfortunately, the U.S. economy is going to continue to lose tens of thousands of businesses andmillions upon millions of jobs to this one world economic system.

Secondly, big corporations are replacing as many expensive workers with machines, computers

and robotsas they possibly can. As technology continues to advance at a blistering pace, theneed for workers (especially low-skilled workers) will continue to decrease. Unfortunately, thejobs that are being lost to technology are not coming back any time soon.

Thirdly, the overall U.S. economy has been steadily declining for more than a decade. If youdoubt this, just readthis article. As our economy continues to get weaker, the lack of jobs isgoing to become a bigger and bigger problem.

And as our economy systematically loses good jobs, more Americans are forced to becomedependent on the government.

Back in 1979, there was about one American on food stamps for every manufacturing job.Today, there areabout four Americans on food stampsfor every manufacturing job.

When I first found that statistic I was absolutely stunned. How in the world can anyone

out there deny that the U.S. economy is collapsing?

But as I mentioned above, it isn't just that the number of jobs is not what it should be. Thequality of our jobs is declining as well. For example, one study found that between 1969 and2009 the wages earned by American men between the ages of 30 and 50 declinedby 27 percentafter you account for inflation.

That is a pretty stunning decline. And it has only accelerated in recent years. Median householdincome (adjusted for inflation) has fallenby 7.8 percentsince the year 2000, and the ratio ofwages and salaries to GDP in the United States isnear an all-time record low.

Most Americans are finding that their bills just keep going up but their paychecks are not. Thisis causing the middle classto wither away, and most families are just trying to survive frommonth to month at this point. In fact, according to one recent survey76 percentof all Americansare living paycheck to paycheck.
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3/19


4/19

So needless to say, the great economic storm that is coming is not going to be averted. Mostof the country is still asleep, and most people are going to get absolutely blindsided by theeconomic nightmare that is rapidly approaching.


5/19

Mon, 08/05/2013 - 15:48 |3818417ebworthen

Ah reality.

So minimum wage should be at $11/hour but the Corporatocracy lobbyist's won't allow it.

No need to wonder why Food Stamps (EBT) are at an all time high and incomes so low.

Meanwhile, career employment at an all time low as the middle class is slowly extinguished.

Loginorregisterto post comments

Mon, 08/05/2013 - 15:51 |3818422ParkAveFlasher

Food stamps allow price controls to stay in effect. It is also a suppressing factor, God Forbid theplebes use their heightened wages to take up arms.


Mon, 08/05/2013 - 16:06 |3818470Spider

What they should do is boycott the fiat currency. Your a slave to the system as long as you let

the system create the money and give it to whomever it wants - PM's free us from this specialinterest / government monopoly. Buy gold/silver and abandon their fiat.

You cant beat Jamie Dimon in a dollar war but you definitely can beat him in a gold/silver war

---------------------

If you are fed up with whats happening in the PM markets then its time PM investors take backthe PM markets. Join the Silver Pledge - an effort to beat the banks at their own game by havinginvestors join up and buy physical silver - together we can break this market.

You can read more here:http://www.communitysynergy.com/subscribe/silver_pledge_site.html

If you dont like it dont sign up - but for people who are sick of sitting and doing nothing at leastlets work together to BREAK this silver market

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6/19

Mon, 08/05/2013 - 16:10 |3818492ATM

People in the hood do boycott currency. They use Tide.


Mon, 08/05/2013 - 16:35 |3818587SafelyGraze

just hang on tight for another generation

when average earnings reach parity with prison wages

at which point the United Amero productive capacity will at last be unleashed and we will againbecome an export powerhouse


Mon, 08/05/2013 - 17:04 |3818705silverserfer

any plan starts with ending the FED and having sound money. otherwise there will be no saversand the ponzi will grow. regardless of where the jobs are and what minimum wage is


Mon, 08/05/2013 - 18:43 |3819012smlbizman

yep...they r working for a 64 dime and a 64 quarter....


Mon, 08/05/2013 - 19:59 |3819181Shocker

Didn't know what the word 'Recovery' meant, but starting to figure it out.
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7/19

Job Situation

http://www.dailyjobcuts.com


Mon, 08/05/2013 - 20:46 |3819291walkre

from that link a story to Caterpillar layoffs

http://www.wlfi.com/dpp/news/local/lafayette-caterpillar-announces-layoffs

In an emailed statement, Caterpillar said measures like vacation shutdowns and reduction inflexible workforce have already been implemented.

Seaman said the slow down in demand started at the beginning of the year.

"I think they started to see some slow down of order coming in in the first quarter. And I thinkthat perpetuated into the second quarter."

Anyone care to explain how the Fed and WH will spin a recovery going forward? How can Q3possibly have positive growth with layoffs like these everywhere. Those jobs were good jobs andthey aren't coming back anytime soon.

The manufacturer has been trimming hours since Q1 and was possibly hoping for some sort of

miracle at the last hour? Now there's talk of "taper" on top of a globally slowing economy

Taper because the deficit is shrinking... RIIIIIIIIIIIIIIIIIIIGHT


Mon, 08/05/2013 - 22:28 |3819543yogibear

Bloomberg and CNBC will spin it as being positive. Where's that rally monkey?

AT&T plans major layoffs again.


Mon, 08/05/2013 - 23:59 |3819759ebworthen
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8/19

AT&T sucks ass.

Sorry for the grunts.

Not sorry for the turd management.

Fuck AT&T to Hell.


Mon, 08/05/2013 - 19:14 |3819093Flakmeister

Any real plan starts with being able to pay for your own energy requirements.....


Mon, 08/05/2013 - 21:10 |3819346boogerbently

Some say the lack of collective bargaining is what keeps wages low, consumer spending down,and GDP stifled.

OTHERS

Say, public/govt. unions are what cause our huge national debt.

An increase in the minimum wage would be the natural progression from inflation, withouthaving to admit there's inflation.

At some point, the price of gold (and miners HAS to rise).

According to the "bobbing heads", for the last.....X years, there's no inflation, but they canalways tell you what your dollars are worth, now, compared to X years ago !!


Mon, 08/05/2013 - 22:05 |3819484Harbanger
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9/19

"An increase in the minimum wage would be the natural progression from inflation, withouthaving to admit there's inflation. At some point, the price of gold (and miners HAS to rise)."

The monetary system was designed to create "growth" thru inflation, so you need minimumwage increases along the way. Gold is only being suppressed because it threatens confidence in

the system, otherwise it would already be much higher.


Mon, 08/05/2013 - 21:25 |3819376Stuck on Zero

If American wages were to fall to zero we would still not be able to compete with Asia. Thosesucking mercantilists would still not allow any of our manufactured products into theircountries.


Mon, 08/05/2013 - 23:56 |3819751The Burning Planet

You just hit the nail on the head. Asians don't believe in "free markets." Only stupid Americansdo.


Tue, 08/06/2013 - 00:05 |3819773Antifaschistische

So, you think the answer, is raising the minimum wage to $20 and halting imports of foreigngoods...so you will then be forced to buy American made products?

That's not a "FREE MARKET" either. Do you really think paying $45,000 for your Ford F150

strip down model would be the answer to America's economic woes?

Now...the fact that a bunch of idiots spend their incomes on crap from WalMart is something Idon't comprehend, but that's not the fault of China. They must be laughing in their assemblyplants as they ask themselves "who would buy this stupid crap?"

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10/19

Tue, 08/06/2013 - 01:35 |3819905greyghost

oh brother, the u.s. grew strong and wealthy with tariffs and duties imposed upon other countries.

never was a "free market". free trade and free markets are for the corporations so they can seekand use the lowest possible labor cost.....period. lets see....u.s. textiles were made in new englanduntil early seventies when they moved to noth carolina and then they moved to cental america byearly eighties, well i figure they have settled somewhere around bangladesh/pakistan area. wontbe long before they start the cycle all over again retracing their steps. free trade/free markets...icall bullshit


Tue, 08/06/2013 - 01:50 |3819918ghandi

Best post I seen all year.


Mon, 08/05/2013 - 17:21 |3818763Make_Mine_A_Double

Seriously, WTF is with the Tide thing? It's bulky, not easily concealable or main lineinterchangable across financial means.

Is it the big orange container that make it's look like a basketball? Just bright objects intrique theuntermenschen?

I thought it was a gag until someone told me it really was a store of value in da' hood.


Mon, 08/05/2013 - 19:02 |3819069seek

It has value and retains its value, and the big orange jug makes it readily recognizable, and it iseasily shoplifted. A big jug is on par with a $10 bill, and one or two jugs can get an addict theirnext hit.

Also, it actually is interchangable due to the value. The street value is about half the retail value,so if someone needs detergent, they'll happily fork over $10 for something worth $20.
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11/19

The market is big enough there's actually an arbitrage play, with drug dealers consolidating Tidecontainers and selling them back in bulk to grocery stores.


Mon, 08/05/2013 - 19:07 |3819081Tijuana Donkey Show

Now that is capitalism. And who says the hood don't know nuttin?


Mon, 08/05/2013 - 21:03 |3819220GetZeeGold

Tide is HoodgoldTM



" it really was a store of value in da' hood."

My argument as to why gold (1oz) will really be useless (like a $10,000 bill now), when theSHTF.

"Barter" will require smaller "denominations"......like SILVER, wine, cigs, tuna.....

Bullets, will of course, be priceless.


Mon, 08/05/2013 - 23:17 |3819653Jugdish

I'll trade you my Daichi tuna for your cigerettes ?

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12/19

Mon, 08/05/2013 - 22:28 |3819542CH1

Seriously, WTF is with the Tide thing? It's bulky, not easily concealable or main line

interchangable across financial means.

Yeah, but at least it's not Bitcoin - that would anger the ZH trolls!


Mon, 08/05/2013 - 23:23 |3819662tpgaynor

You had me up to the point where you said the monthly winner would get free silver. That my

friends sounds like the old double double cross.


Mon, 08/05/2013 - 15:52 |3818425The Gooch

Meep Meep.

http://www.youtube.com/watch?v=Gq_bjaI0NTo


Mon, 08/05/2013 - 16:12 |3818500PersonalRespons...

OT: HLF, NFLX, FB, GRPN all up over 3% today. WTF?

Is this some sort of short squeeze. -brain melting-


Mon, 08/05/2013 - 16:34 |3818585walkre

no, this is the real deal and it makes perfect sense
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13/19

the 40% making min. wage and less than $20,000 per year are piling back into stocks


Mon, 08/05/2013 - 17:00 |3818690rocker

Me thinks not. This is the 40% who own no stocks. They did not benefit from the POMOprogram.

The 40% who are buying stocks are the last boomers who had a real job.

The Squid wants to suck that last 201K account up before the party ends.


Mon, 08/05/2013 - 22:41 |3819579Go Tribe

Yes, proud to own a piece of American capitalism in stawks.



Only HLF has a reasonable PE. (14.7)

FB, PE = 197

NFLX PE = 318

GRPN has NEGATIVE earnings.

Buffet doesnt buy anything with a PE over 10 !!


Mon, 08/05/2013 - 22:30 |3819553CH1

OT: HLF, NFLX, FB, GRPN all up over 3% today. WTF? Is this some sort of short squeeze. -

brain melting-
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14/19

You're looking for reasons in the "markets"?

THERE IS NO REASON - there's only the evil, villainous, thieving Fed.


Mon, 08/05/2013 - 15:57 |3818441insanelysane

At this point, we need the illegal immigrants to become legal, just to kick these wage numbersup.


Mon, 08/05/2013 - 16:12 |3818498ATM

and to prime the SSI and medicare ponzis. Been my argument for a long time. If we need moreand moar people to pay into these bullshit scams them we need more and moar people. They ain'tbeing born here so we need to import them or allow them to run in free of trouble.


Mon, 08/05/2013 - 16:42 |3818615Joe Davola

That and who wants to spend all weekend tending to the landscaping.


Mon, 08/05/2013 - 21:31 |3819395SimMaker

But.....what is actually happening is you are importing millions more people who do NOT

contribute TO the system....but consume from the tax payer.........

How does bringing in millions more non-contributing welfare claimants help support the system?

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15/19

Mon, 08/05/2013 - 22:27 |3819540NihilistZero

Not 2 mention remitances suck money right out of our economy and into Mexico's


Mon, 08/05/2013 - 16:03 |3818468Antifaschistische

The primary result of Ben's Printflation strategy is the reduction in the cost of REAL wages.That is not a secret. If the price of everything around you rises faster than your wages, you areeffectively making less.

Here's the truth that American's will not accept. If we want to play in an international economywe have to have internationally competitive wages.

Go ahead....make minimum wage $12. It will not help our economy and it will not help the poor.

Crushing the dollar, by the Fed, is lowering the cost of wages and increasing corporateprofitability. But blame the Fed, not the min wage laws.


Mon, 08/05/2013 - 16:31 |3818570PhilofOz

No wonder the USA is where it is today. F#*ked!! Once the wealth was shared, now it goes tothe top few percent, those that have the power to ensure they get near everything whether theyactually work for it or not. Those unfortunates that have no such power are supposed to live on awage that will barely feed them because they know there will be another person just as desperateto get that minimum wage just to stay alive waiting to take their job.

It is sickening that anyone suggest there should not be fair safety net wages for the lowest paid

workers. The day is fast approaching when there will be far more people that want to get out ofthe USA than want to get into it. It's a bloody outright lie that paying them a far bigger wagewill see them lose their jobs and cause major damage to the economy.

How is it here in Australia we have a minimum wage of $16.37 per hour (US$14.84) and anofficial unemployment a couple of percentage points lower than that of the USA? Keep in mindthat is the rate for a permanent worker that is given four weeks annual leave, sick pay and jobsecurity. There is 25% loading on that for casual workers, effectively bringing that rate to
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16/19

$20.46. On top of that is now a compulsory 12% superannuation amount put in by an employer,bringing a casual minimum wage to $22.91. Before my wife became a permanent employeeworking as a cleaner in the Adelaide CBD, she earnt over $27 an hour for weekdays, $37+ anhour for Saturdays and $47+ an hour for Sunday. As a permanent part-time it is now $21+, $31+and $42+. Employers pay what they have to by law or they won't have a business. It actually is a

massive boost to the economy when the mass of lowest paid workers have disposable income tothrow back into that same economy instead of just enough for the basics to stay alive.... and wecan still get a loaf of bread or a litre of milk for $1.00.

I call bullshit to anyone that says paying a decent wage to the lowest paid is bad for thoseworkers and the economy.


Mon, 08/05/2013 - 16:37 |3818599NotApplicable

Decent wages do NOT emerge from the barrel of a gun. Your economy works in spite of thisdepradation, not because of it.

Wages, like labor, only work when they exist sans coercion. Why are you so dead set againstliving in a voluntary society? Why must you insist upon violence in order to create your falseutopia?


Mon, 08/05/2013 - 17:08 |3818719walkre

tell the American working his/her ass off for $8/hour that the Australian worker making $20/houris using violence

what a load of shit you're spewing


Mon, 08/05/2013 - 18:32 |3818986MachoMan

The two wolves that eat the sheep for dinner are simply using democracy then?

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17/19

Mon, 08/05/2013 - 20:24 |3819233nmewn

Yes, the wolves never concern themselves with the reality of the sheep, until one or twoshows up at their door, armed, with a very bad attitude.

We'll need Banzai for the visual ;-)


Mon, 08/05/2013 - 18:41 |3818999The Burning Planet

The richest 400 people in the US are worth more than the bottom 100 million, or 140 million, I

forget which it is. Hooray for crony capitalism.


Mon, 08/05/2013 - 19:50 |3819166Totentnzerlied

The Australian's labor is not worth $20. How is he getting it? Hmm...

Once Australia's been stripmined of everything of real value, can't afford oil, and has to print

money just to cover its interest, wages will plummet to parity once again.

And if the laborer thinks its his place to unilaterally determine the value of his own labor ... wellthat's called labor socialism (or labor communism, or their cousin, syndicalism), and they're freeto try it and hopefully do the world a big favor by dying in the process.

My god this is so fucking simple. Wow. Wow. Really?

As I always say: it's morons like walkre and the clown above who can't even understand wages,and the fact that they outnumber intelligent people 100 to 1, that tells me the next revolution willbe the Free Shit Army establishing an outright Marxist-Leninist dictatorship and slaughtering

any last remains of the productive class en masse. Their envy and greed are every bit as infiniteas that of the uberrrich parasites, in fact, the only difference is that one group has money and theother doesn't - that's it.

So far beyond fucking doomed, we are, when the rich have convinced the poor that things whichwill make them (the poor) poorer are good and things that will make them (the poor) richer areevil. Just how is it working out for you?
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18/19

Loginorregisterto post commentsMon, 08/05/2013 - 20:08 |3819203Wannabee

@Tot...Your argument hold for Switzerland as well? I think not. They have a quality of life that putsmost countries to shame. Including USA


Mon, 08/05/2013 - 21:20 |3819307walkre

Free Shit Army

The real free shit army is small as a mercenary group. They're called crony capitalists. The groupthat sucked the government teet to the tune of 17 trillion Dollars. But you rather focus on themuch larger group who gets a few peanuts as handouts.

You're dumb as a rock but that is a virtue you share with many Americans. Hence the lack ofprogression and the inability to change the culture. Instead your clinging on to a worldview thathas been outdated since before Christ was an infant.

People who work want to fucking particpate in the fucking economy. Got it? You deprive them

of a fair wage and give them some lame ass government sponsored propaganda deal instead isnot going to last forever. Eventually people are figuring it out and they will demand more.Eventually you've exhausted every trick and pony show they aren't buying it anymore.

When Americans start filing asylum claims in Russia is the day the propaganda stops working.

Fuck it!


Mon, 08/05/2013 - 22:29 |3819544prains

Tot

Your entire economy is a free shit army, including you. 17 trillion in debt is because you makenothing of value and have to print money to cover costs, meaning free shit for ALL of you. Somejust don't even bother to play but it's still free shit for you too,
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19/19

40% of us workers now earn less than 1968 minimum wage

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