The video clip discusses the significant decline in the purchasing power of minimum wage, specifically in relation to home buying. It contrasts the minimum wage of the 1970s with today's minimum wage, highlighting a drastic difference in what a minimum wage earner could afford. The discussion centers around a hypothetical question: how much would the minimum wage need to be today to have the same home-buying power as minimum wage earners in the 1970s. The initial guess is $35, but the actual answer is revealed to be $66, which is described as "diabolical" due to its magnitude, underscoring the severe erosion of wage value over time.

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Can you tell the class what you just told me? How much would minimum wage need to be today to match the home buying power of boomers getting minimum wage in the 1970s?

My guess was $35. Okay, what's the answer? $66.

That is diabolical. [laughter]

minimum wage issues

Can you tell the class what you just
told me? How much would minimum wage
need to be today to match the home
buying power of
boomers getting minimum wage in the
1970s?
>> My guess was $35. Okay, what's the
answer? $66.
That is diabolical. [laughter]

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minimum wage issues

Transcription