Home > Statistic of the Week > Archive List > Detail

 << Prev 2/15/2015 Next >>

## Evidence That Our World is Going in the Wrong Direction!

Consider this data (from the Bureau of Labor Statistics) on how long someone has to work today to buy a half gallon of milk...at \$2.49/half-gallon?

• Minimum wage earner (@ wage \$7.25/hour): 21 minutes
• Average wage earner (@ wage \$23.89/hour): 6.3 minutes
• Typical CEO (@ wage \$4615.38/hour): 1.9 seconds
Question 1: Given Bill Gates reportedly earns \$3,710,000,000 yearly, how long must he work to purchase a half-gallon of milk?

In 1963 a minimum wage earner earned \$1.25/hour. Consider this relevant data on how long a minimum wage earner has to work to purchase something:

• Tank of gas: 3.4 hours (1963) and 8.4 hours (2013)
• Ford Sports Coupe: 61.9 weeks (1963) and 76.6 weeks (2013)
• New home at median price: 6.7 years (1963) and 16 years (2013)
Question 2: Though depressing these statistics are, how long would a minimum wage earner have to work to purchase these items...for both 1963 and 2013:
• Movie ticket: \$0.86 (1963) vs. \$7.96 (2013)
• Beach Boys concert ticket: \$4 (1963) vs. \$45 (2013)
• Tide laundry detergent, 49 oz.: \$0.69 (1963) vs. \$7.54 (2013)
• Bread, 1 pound: \$0.20 (1963) vs. \$1.41 (2013)
• Coffee, \$0.69 (1963) vs. \$6.01 (2013)
• Pork chops, 1 pound: \$0.88 (1963) vs. \$3.53 (2013)

Source: AARP Bulletin, September 2013, p. 46