This is confusing. Does he mean, like, our current minimum wage or the minimum wage when the Boomers went to school? Also, is that a per year number of hours worked, or hours worked TOTAL to pay for school?
• 4,459 hours at the current federal minimum wage ($7.25): $32,327.75.
• 306 hours at the current federal minimum wage ($7.25): $2,21850.
Adjusted for inflation at peak, in 1968, the federal minimum wage was effectively $8.68 compared to 2016 dollars. source
• 306 hours at the 1968 peak ($8.68): $2,656.08.
Essentially, what I'm being told right now is that a 4 year degree, in 1968, would have cost less than $3,000 (in 2016 dollars). As close as my quick off the cuff Google powers could find was 1976, where across all institutions, the cost of 4 years of school was $2,647 source.
Now if that's what Bernie is talking about, $2,656.08 at minimum wage to pay for a $2,647 4 year degree, he missed a step. He has to ALSO plug that 2,647 into the trusty old inflation calculator source, which comes out to: $11,825.53.
So what it REALLY cost for 4 years of school ($11,825.53 inflation adjusted) for Boomers who worked minimum wage at peak value in 1968 ($8.68/hr after inflation), was ~1,362 hours of work.
Still, pretty solid point to make, even with the numbers that I came up with. I could be wrong though. I'm just a dude on the internet, and certainly no professional Economist.
pad4593 on April 29th, 2019 at 15:19 UTC »
How is a a single tweet from one Democrat primary candidate “World Politics”?
Nintendogma on April 29th, 2019 at 15:41 UTC »
This is confusing. Does he mean, like, our current minimum wage or the minimum wage when the Boomers went to school? Also, is that a per year number of hours worked, or hours worked TOTAL to pay for school?
• 4,459 hours at the current federal minimum wage ($7.25): $32,327.75.
• 306 hours at the current federal minimum wage ($7.25): $2,21850.
Adjusted for inflation at peak, in 1968, the federal minimum wage was effectively $8.68 compared to 2016 dollars. source
• 306 hours at the 1968 peak ($8.68): $2,656.08.
Essentially, what I'm being told right now is that a 4 year degree, in 1968, would have cost less than $3,000 (in 2016 dollars). As close as my quick off the cuff Google powers could find was 1976, where across all institutions, the cost of 4 years of school was $2,647 source.
Now if that's what Bernie is talking about, $2,656.08 at minimum wage to pay for a $2,647 4 year degree, he missed a step. He has to ALSO plug that 2,647 into the trusty old inflation calculator source, which comes out to: $11,825.53.
So what it REALLY cost for 4 years of school ($11,825.53 inflation adjusted) for Boomers who worked minimum wage at peak value in 1968 ($8.68/hr after inflation), was ~1,362 hours of work.
Still, pretty solid point to make, even with the numbers that I came up with. I could be wrong though. I'm just a dude on the internet, and certainly no professional Economist.
KTR665 on April 29th, 2019 at 19:34 UTC »
Thankfully Donald Trump made all of his money himself. By asking his father for it. Now that's hard work.