Actually, I think it's right about on the nose for inflation, at least according to this site: http://www.usinflationcalculator.com/ If you have a better source for calculating inflation rates, I would be interested in seeing it.
That's helpful, though, thank you. The oddity I think was between 2003 and 2004, when the milk should only have increased in price by less than 2%, if inflation is all that was factored in.
ETA: In 2003, the federal minimum wage was $5.15, so if that website is accurate, at $7.25 it's actually outpaced inflation (41% increase versus 27% inflation). On the other hand, it was sitting at $5.15 since 1997.
Yeah, my quick maths was an average inflation rate of about 2.5%, which would come out a bit over 30%. Forgot about the GFC. I'd stick with that calculator you found, it's better than my head maths :P
The other thing to keep in mind (IMO) about wages is increases in productivity. Whilst wages *may* have kept up with inflation (they haven't), they haven't kept up with productivity. What this means is that the average worker is producing more, making more money for their employer, but that is all going in to the pockets of the guys at the top (which is why we're seeing such a drastic increase in inequity)
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That's helpful, though, thank you. The oddity I think was between 2003 and 2004, when the milk should only have increased in price by less than 2%, if inflation is all that was factored in.
ETA: In 2003, the federal minimum wage was $5.15, so if that website is accurate, at $7.25 it's actually outpaced inflation (41% increase versus 27% inflation). On the other hand, it was sitting at $5.15 since 1997.
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The other thing to keep in mind (IMO) about wages is increases in productivity. Whilst wages *may* have kept up with inflation (they haven't), they haven't kept up with productivity. What this means is that the average worker is producing more, making more money for their employer, but that is all going in to the pockets of the guys at the top (which is why we're seeing such a drastic increase in inequity)
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before that it was whatever year-1997
the gaps in when the MW go up has been going up too... :(
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