Oops! Her argument against raising the minimum wage misses the mark by several dollars
Poor Marsha Blackburn! She must have missed school the day that inflation was explained.
Blackburn, a Republican member of Congress from Tennessee, says raising the minimum wage from the current $7.25 an hour to $9 would deprive some teenagers of learning the valuable lessons she learned as a kid when she made only $2.15 an hour working in a store.
But she forgot to take inflation into account, as we see HERE:
[W]hat Blackburn didn’t realize is that she accidentally undermined her own argument, since the value of the dollar has changed immensely since her teenage years. Blackburn was born in 1952, so she likely took that retail job at some point between 1968 and 1970. And according to the Bureau of Labor Statistics’ inflation calculator, the $2.15 an hour Blackburn made then is worth somewhere between $12.72 and $14.18 an hour in today’s dollars, depending on which year she started.
At that time, the minimum wage was $1.60, equivalent to $10.56 in today’s terms. Today’s minimum wage is equivalent to just $1.10 an hour in 1968 dollars, meaning the teenage Blackburn managed to enter the workforce making almost double the wage she now says is keeping teenagers out of the workforce.