. . . That in 1963 it took a minimum wage earner 6.7 years to buy a moderately priced house? In 2013, it takes the earnings from 16 years of work to buy that same house.
. . . A movie ticket in 1963 averaged 86 cents as opposed to $7.96 (or more) in 2013.
. . . A tank of gas required 3.4 hours of minimum wage earnings compared to 8.4 hours in 2013.
. . . In 1963 a one pound loaf of bread cost 20 cents and a pound of coffee was 69 cents. In 2013 they cost, respectively roughly $1.41 and $6.01.
A minimum wage earner at $7.25 per hour must work 21 minutes to buy a half gallon of milk; an average wage earner at $23.89 per hour must work 6.3 minutes to buy that same half gallon. At a minimum average of $4,615.38 per hour, a typical CEO needs to work 1.9 seconds to buy that milk.
Is it any wonder that the minimum wage needs to be increased? CEOs’ wages should be cut to a reasonable level so that other workers can earn a living wage.
Statistics from the Bureau of Labor