See link for minimum wage going back to 1938. When inflation is accounted for the maximum was in 1968 -- about 47 years ago. The current value is about where it was in 1950. The chart shows a sawtooth rise from 1938 until 1968 and then a sawtooth decent from 1968 till the present.
The timing is about what I would have expected given that outsourcing to foreign countries had an inflection point right about that time as US manufacturers moved TV set production from the USA to Japan. In the mid 60's the USA produced about 95% of the entire world production of TV sets. By the late 70's virtually all the TV sets were being made in Japan.
http://money.cnn.com/interactive/ec...b_homepage_deskrecommended_pool&iid=obnetwork
Brian
The timing is about what I would have expected given that outsourcing to foreign countries had an inflection point right about that time as US manufacturers moved TV set production from the USA to Japan. In the mid 60's the USA produced about 95% of the entire world production of TV sets. By the late 70's virtually all the TV sets were being made in Japan.
http://money.cnn.com/interactive/ec...b_homepage_deskrecommended_pool&iid=obnetwork
Brian
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