So then in 1950 the minimum wage was higher than in 2013 if I'm following the nominal dollar chart?
Yep. I would say that is about spot on. By my estimate, a 1968 dollar was worth about 13 of today's dollar. So take that times the $1.60 minimum wage, that make it worth
about $20 and hour compared to today. But if the government did that now, only the owners and the illegals will work. Back in 68 though, immigration was in fact controlled so wage could
rise to meet demand for workers. No need today. Microsoft need to Programmers or engineers, no problem, Gates goes to congress and convinces them he can't get the job done
without allowing him to import talent. Shazam! here they come. Back in those days before all the immigrants and exporting of work ( or out sourcing) the papers were full of help
wanted adds for programmers, engineers, system programmer and the like. None of which was the minimum wage even discussed. Gates and PA got rich but not the Programmers
nor the Engineers, thanks to the government helping them out.
You raise the minimum to $20 now on the jobs that are left here and you will see some unintended changes, like MacD installing about 20 or 30 Microwaves and you get your Big Mac out of the vending machine and zap it yourself. The only employee in sight will be one big bad looking security guard that won't have clue out to get the change the machine failed to give you.