I read recently that Jagger is still performing, which is amazing in itself. And I wondered, how much money is he making today compared with 1968? I'd bet it's more, wouldn't you?
But do you know who's not making more money now than in 1968? Minimum wage workers.
I read a petition this morning, signed by a number of economists, recommending that the minimum wage be raised back to where it was in 1968.
The current federal minimum wage is $7.25 an hour. In 1968, the inflation-adjusted minimum wage was $10.50 per hour. What's more, if average U. S. labor productivity has gone up by 135 percent since 1968, the minimum wage today should be more like $25.00.
Today, a full-time minimum wage worker makes about $15,080 a year. That's 19 percent below the official poverty line for a family of three. It almost makes you want to honor one of those one-day fast food restaurant strikes I've been reading about lately.