The cumulative inflation rate for the USD over 39 years (1980-2019) is around 211%.
If $6 then had the PPP (Purchasing Power Parity) of the USD in 2019, it would be worth 211% more than it was in 1980 meaning it would be worth around $18.70
($6 + (2.11 x $6) = $18.66)
So yes, that’s accurate. The minimum wage is certainly an issue now, but you have to factor in the growth in population in those 40 years (it has increased by around 100,000,000 people).
You also have to consider that your boss was making more than the minimum wage at the time, which gives more buying power. Minimum wage was $3.10 in 1980. https://www.dol.gov/whd/minwage/chart.htm
![image showing [Request] is this true?](2a7485a6-71eb-5b3e-883c-08a80016347a.jpg)
LindellBrown on October 13rd, 2019 at 09:29 UTC »
The cumulative inflation rate for the USD over 39 years (1980-2019) is around 211%.
If $6 then had the PPP (Purchasing Power Parity) of the USD in 2019, it would be worth 211% more than it was in 1980 meaning it would be worth around $18.70
($6 + (2.11 x $6) = $18.66)
So yes, that’s accurate. The minimum wage is certainly an issue now, but you have to factor in the growth in population in those 40 years (it has increased by around 100,000,000 people).
awesomedog29 on October 13rd, 2019 at 10:22 UTC »
You also have to consider that your boss was making more than the minimum wage at the time, which gives more buying power. Minimum wage was $3.10 in 1980. https://www.dol.gov/whd/minwage/chart.htm
zax9 on October 13rd, 2019 at 10:27 UTC »
That image is a screenshot of the Bureau of Labor Statistics' own inflation calculator page. It's accurate.
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=6.00&year1=198001&year2=201701