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View Diary: Millions of minimum wage workers are getting a raise—no thanks to Congress (69 comments)

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  •  Any Labor Stats Nerds (1+ / 0-)
    Recommended by:
    martini

    Any labor stats nerds want to explain a detail on that chart?

    Time and again I have seen the median real wage as around 15-16 dollars, but that chart lists the average at 10. That's a discrepancy of about 10 grand, annually. It doesn't make sense that the average would be lower than the median.

    •  These are all... (2+ / 0-)
      Recommended by:
      martini, 2BOrNot2B

      ...what the "minimum wage" would have been at the same rate of growth as the rates of growth above. In today's dollars or value. (2012) The actual minimum in 1968 would be under $2 but in "today's" dollars it would be $9.25. In other words, the actual value of the minimum wage has "dropped" to $7.25 relative to 1968. Nice huh? And notice that if the "minimum wage" had kept pace with Real Ave Wages... or hell, our Productivity.... or how 'bout the pace of the top 1%... What it would be then, in today's dollars.

      •  Oh thank you (0+ / 0-)

        I was thrown off by the bottom two lines, i knew i was missing something obvious.

        •  And "median" is the overall "average", when all (0+ / 0-)

          levels are combined.

          "We can have Democracy in this country or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis D. Brandeis

          by 2BOrNot2B on Sun Dec 29, 2013 at 10:31:04 AM PST

          [ Parent ]

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