Below is from a Facebook post today by State Rep. Randy Hunt (R-Sandwich) and reproduced with his permission. Rep. Hunt is a Massachusetts Certified Public Accountant.
"I encourage everyone to listen to Senator Warren’s entire 26-minute speech from August 3, 2018 at the Netroots Nation convention in New Orleans. She makes a number of excellent points but casts doubt on her sincerity by tossing in an outlandish claim about the minimum wage.
At about 6 minutes 57 seconds into Warren’s speech she says: “When I was a little girl, the minimum wage was enough to cover the basics for a family of three. Today, a full-time, minimum wage job doesn’t pay the rent on a median two-bedroom apartment in any state in America.”
Born in 1949, Warren turned 11 in 1960, at which time the minimum wage was $1.00/hour. That inflates to a little over $8/hour in 2018 terms.
A full-time job is considered 2,080 hours per year (52 weeks at 40 hours/week). In 1960, that would have been $2,080/year, 3.2 times less than the average family income of $6,691.
The current national minimum wage of $7.25/hour equates to $15,080, or 3.9 times less than the average family income of $59,039 (2016 data).
In Massachusetts, $11/hour equates to $22,880, or 3.0 times less than the average family income of $75,297 (2016 data), slightly ahead of the ratio in 1960.
In any case, the claim that the minimum wage was enough to support a family of three in 1960 or today or when the minimum wage was introduced at 25 cents per hour in 1938 is simply inaccurate."