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   Low Quality Facts (lowqualityfacts@mstdn.social)'s status on Wednesday, 01-Jan-2025 05:07:36 JST Low Quality Facts

   In 1974, the federal minimum wage was $2 an hour. Adjusting for inflation, that would be $416,000 an hour today. The system is broken.

   • Embed this notice
     🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Wednesday, 01-Jan-2025 07:52:48 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     • Axomamma
     • Randall Lee

     @Axomamma

     Yes but you have to keep in mind for everything that increases above inflation everything else increases less than inflation. and overall when you average it out and consider hte portion of your expense everything is, then you will arrive at the same as the inflation rate.

     So yea sure your rent is going to more-than-inflation, but everything else you buy is less than inflation so in the end the inflation rate is still the more honest value and a more complete "telling" of the story.

     Also one house is not representative of the average for houses. That house may have been unusually gentrified or something. So even then one data point is useless int he conversation.

     @BLTpizza

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     Randall Lee (bltpizza@mastodon.social)'s status on Wednesday, 01-Jan-2025 07:52:49 JST Randall Lee

     in reply to

     @lowqualityfacts This doesn't sound right but I don't know how inflation works

   • Embed this notice
     Axomamma (axomamma@mastodon.online)'s status on Wednesday, 01-Jan-2025 07:52:49 JST Axomamma

     in reply to

     • Randall Lee

     @BLTpizza It's actually $12.80. But the "inflation calculator" doesn't even begin to tell the whole story. In 1979 two friends and I rented a three-bedroom apartment on Charles Street in Boston. It cost $600/month. Today that apartment rents for $4,400/month.

     If the price increased by only the rate of inflation, the rent would be $2,900/month.

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     Axomamma (axomamma@mastodon.online)'s status on Wednesday, 01-Jan-2025 07:57:45 JST Axomamma

     in reply to

     • 🎓 Doc Freemo :jpf: 🇳🇱

     @freemo I'm sure our overlords appreciate your defense.

   • Embed this notice
     🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Wednesday, 01-Jan-2025 07:57:45 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     • Axomamma

     @Axomamma

     Well I suppose thats one way to go from sounding like you were reasoned and well centered to showing you are clueless and dont understand the topic... have fun with that.

   • Embed this notice
     realcaseyrollins ✝️ (realcaseyrollins@social.teci.world)'s status on Wednesday, 01-Jan-2025 08:15:37 JST realcaseyrollins ✝️

     in reply to

     @lowqualityfacts What’s so special about 1974?