The fate of the minimum wage illustrates what has been happening. Through the periods of high and egalitarian growth in the ‘50s and ‘60s, the minimum wage-which sets a floor for other wages-tracked productivity. That ended with the onset of neoliberal doctrine. Since then, the minimum wage has stagnated (in real value). Had it continued as before, it would probably be close to $20 per hour. Today, it is considered a political revolution to raise it to $15.

Noam Chomsky

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