This isn't true for median purchasing power. You're looking at the federal minimum wage, not the median. Only about 1% of hourly workers earn $7.25 or less.

Median earnings were $48,070 in 1975, measured in 2024 dollars, and $51,370 in 2024.

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BobbyJo 6 hours ago | parent [-]

Median earnings in 1970 were closer to 56k in today's dollars. 1970-1980 was a recessionary period, followed by stagflation in the 80s. I hate when people use that time period as an anchor to show growth. It's like using 2009 as an anchor.

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WillPostForFood 5 hours ago | parent | next [-]

What data are you using? It is hard to get solid numbers pre 1975. I looked at SSA Wage index which has 1970 at $6,186. Adjust using PCE, that is only $42,808 in present dollars.

	▲	BobbyJo 3 hours ago \| parent [-]
		Census data, it goes back way farther, but conflates things pre-1975 along a lot of variables since that was barely post-segregation. Not sure how you're getting 42k: https://www.minneapolisfed.org/about-us/monetary-policy/infl... spits out 51k for that number. In either case, IMO, +-10% over 60 years should just be considered flat. Calling it flat is probably generous considering how inflation has affected durable goods vs necessities. We can buy more appliances now, but places to put them have never been more expensive relative to income.

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libartsreader 5 hours ago | parent | prev [-]

What start date would you prefer? https://fred.stlouisfed.org/series/LES1252881600Q