Interesting look at what a college-bound student's summer earnings could've purchased this year vs. 1973.
In 1973, the federal minimum wage was $1.60 per hour (equivalent to $8.60 in today’s dollars), and a full-time summer job at 40 hours per week for 12 weeks would have generated $768 in total summer earnings for a college-bound teenager (ignoring taxes). Using retail prices from a 1973 Sears Spring and Summer Catalog, I found that a college-bound student in that year would have only been able to purchase the following five items for his or her college dormitory room using their entire pre-tax summer earnings of $768 from a minimum wage job:
Items Purchased in 1973 with Summer Earnings Working @ the $1.60/Hour Minimum Wage = $768
Power Return Electric Typewriter $193
Pocket-Size Electronic Calculator $99
12-Inch Portable Color TV $190
Stereo FM/AM Radio-Tape Player $188
5.4-cubic foot Compact Refrigerator $100
TOTAL $770
Now compare that pretty pathetic group of five items in 1973 to the cornucopia of 18 electronic and household items in the table below that could be purchased by a teenager or college-bound student heading off to a dormitory this fall with summer earnings of $3,480 (ignoring taxes) from working full-time at the current minimum wage of $7.25 per hour for 12 weeks, based on prices mostly from the Best Buy website.
Items Purchased in 2015 with Summer Earnings Working at the $7.25/Hour Min. Wage = $3,480
Dell Inspiron Laptop Computer $450
Apple iPod Touch $200
Apple iPhone 6 $200
Apple iPad Air $400
Bose Mini Bluetooth Speaker $200
Canon 18 Megapixel Digital Camera $500
HP Envy Wireless All-in-One Printer $100
Insignia 40 inch LCD TV (HDTV) $250
Sony Smart Blu-Ray Player $100
Microwave Oven $100
Compact Refrigerator $100
Sony PlayStation 3 $250
Kindle $200
One-year Netflix Subscription $100
Keurig Mini Plus Single-Serve Coffee Brewer $100
Samsung 1000W 5.1-Ch. Blu-ray Home Theater System $200
Tivo DVR $200
Philips Sonicare Rechargeable Toothbrush $75
Total $3,450
http://www.aei.org/publication/todays-young-americans-the-luckiest-generation-in-history/
In 1973, the federal minimum wage was $1.60 per hour (equivalent to $8.60 in today’s dollars), and a full-time summer job at 40 hours per week for 12 weeks would have generated $768 in total summer earnings for a college-bound teenager (ignoring taxes). Using retail prices from a 1973 Sears Spring and Summer Catalog, I found that a college-bound student in that year would have only been able to purchase the following five items for his or her college dormitory room using their entire pre-tax summer earnings of $768 from a minimum wage job:
Items Purchased in 1973 with Summer Earnings Working @ the $1.60/Hour Minimum Wage = $768
Power Return Electric Typewriter $193
Pocket-Size Electronic Calculator $99
12-Inch Portable Color TV $190
Stereo FM/AM Radio-Tape Player $188
5.4-cubic foot Compact Refrigerator $100
TOTAL $770
Now compare that pretty pathetic group of five items in 1973 to the cornucopia of 18 electronic and household items in the table below that could be purchased by a teenager or college-bound student heading off to a dormitory this fall with summer earnings of $3,480 (ignoring taxes) from working full-time at the current minimum wage of $7.25 per hour for 12 weeks, based on prices mostly from the Best Buy website.
Items Purchased in 2015 with Summer Earnings Working at the $7.25/Hour Min. Wage = $3,480
Dell Inspiron Laptop Computer $450
Apple iPod Touch $200
Apple iPhone 6 $200
Apple iPad Air $400
Bose Mini Bluetooth Speaker $200
Canon 18 Megapixel Digital Camera $500
HP Envy Wireless All-in-One Printer $100
Insignia 40 inch LCD TV (HDTV) $250
Sony Smart Blu-Ray Player $100
Microwave Oven $100
Compact Refrigerator $100
Sony PlayStation 3 $250
Kindle $200
One-year Netflix Subscription $100
Keurig Mini Plus Single-Serve Coffee Brewer $100
Samsung 1000W 5.1-Ch. Blu-ray Home Theater System $200
Tivo DVR $200
Philips Sonicare Rechargeable Toothbrush $75
Total $3,450
http://www.aei.org/publication/todays-young-americans-the-luckiest-generation-in-history/
