Now that's interesting.The narrative is that with the added unemployment paying everyone $15/hour to stay home, no one is trying to get back to work.We talked about this at work, 6 of us and not one of us could say they knew anyone who wasn't working and was staying home. So now my thoughts have changed to, where are all these people who aren't working that everywhere is under staffed?
I only know one. He quit his job to home school their 3 kids who are 11, 7, and 5. The family is taking all precautions to keep the children from catching Covid. They had done Dave Ramsey's plan a few years ago and have manged fine on just her salary this year.They'll homeschool until the children can get vaccinated. Others I know have easily changed (corporate) jobs to work somewhere else for big bucks more.
As to minimum wage in the 1980s forward compared to today.
From Business Insider
The value of $3.35 in 1981 was equal to the buying power of $9.93 today. The value of $3.35 by 1990 was just $6.78 in today's dollars.
In 1981, the median sales price of newly constructed homes sold in the US was $70,400 (equivalent to $208,608.15 in today's dollars) and a gallon of gas cost $1.19. In 1990, the median sales price of newly-constructed homes sold in the US was $123,900 (equivalent to $250,714.66 in today's dollars) and a gallon of gas cost $1.00.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
1990-1991 The federal minimum wage was raised to $3.80 an hour, effective April 1, 1990. In today's dollars, that's equal to $7.60.
In 1991, the median sales price of newly constructed homes sold in the US was $120,000 (equivalent to $229,833.88 in today's dollars). That year, a gallon of gas cost $1.14.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
1991-1996 The federal minimum wage was raised to $4.25 an hour, effective April 1, 1991. In today's dollars, that's equal to $8.10.
In 1994, the median sales price of newly constructed homes sold in the US was $130,000 (equivalent to $247,881.73 in today's dollars). That year, a gallon of gas cost $1.11.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
1996-1997 The federal minimum wage was raised to $4.75 an hour, effective October 1, 1996. In today's dollars, that's equal to $7.74.
In 1996, the median sales price of newly constructed homes sold in the US was $144,100 (equivalent to $234,227.92 in today's dollars). That year, a gallon of gas cost $1.23.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
1997-2007 The federal minimum wage was raised to $5.15 an hour, effective September 1, 1997. It remained at that level for nearly a decade.
The value of $5.15 in 1997 was equal to the buying power of $8.24 today. The value of $5.15 by 2007 had decreased to just $6.37 in today's dollars.
In 1997, the median sales price of newly-constructed homes sold in the US was $145,000 (equivalent to $231,889.36 in today's dollars) and a gallon of gas cost $1.23. In 2007, the median sales price of newly constructed homes sold in the US was $247,900 (equivalent to $306,730.32 in today's dollars) and a gallon of gas cost $2.80.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
2007-2008 The federal minimum wage was raised to $5.85 an hour, effective July 4, 2007. In today's dollars, that's equal to $7.24.
In 2008, the median sales price of newly constructed homes sold in the US was $226,500 (equivalent to $265,457.17 in today's dollars). That year, a gallon of gas cost $3.27.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
2008-2009 The federal minimum wage was raised to $6.55 an hour, effective July 24, 2008. In today's dollars, that's equal to $7.68.
In 2009, the median sales price of newly constructed homes sold in the US was $214,300 (equivalent to $256,538.85 in today's dollars). That year, a gallon of gas cost $2.35.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development via FRED, Energy.gov
The federal minimum wage today Effective July 24, 2009, the federal minimum wage was raised to $7.25 an hour. It hasn't increased in over a decade. Meanwhile, the median sales price of newly constructed homes sold in the US reached an all-time high of $326,400 in 2018.
Source: US Department of Labor, US Census Bureau and US Department of Housing and Urban Development