It’s similar to how new cars in 2020 are both substantially more expensive on average but also of vastly higher quality. In both cases the cheapest options represent a tiny slice of the overall market suggesting cost is generally less an imposition by outside forces than a choice.
That said, this stood out to me:
> A job at Walmart making minimum wage [...]
According to Glassdoor[1], a retail cashier at Walmart with no experience earns an average of $22,049 / year. Assuming 50 weeks @ 40 hours per week, that's $11.05 / hour.
That does not include cash bonuses or profit sharing, which Glassdoor says adds another ~$1k.
Indeed.com[2] shows the average wage for a Walmart cashier is $10.56 - so we're at least in the right ballpark above.
My own experience at Walmart was unloading trucks from 4pm-1am the summer after I graduated high school (2002). I made $7.25 / hour then, when the minimum wage was $5.15.
Trying to build a life on that kind of money isn't easy, and I'm not trying to say that it is; I do want to point out that even Walmart doesn't pay minimum wage as a rule.
That's not to say there aren't other "tricks" that employers use, like limiting hours to prevent employees from qualifying from full-time benefits and such. There are.
The minimum wage in 1982 was $3.25. Today it's $7.25. The purchasing power of the minimum wage has certainly decreased, but I strongly suspect that many more businesses paid minimum wage in 1982 than 2022.
McDonald's in my town of <15k people pays $13/hr with no experience, with a $500 signing bonus and a guaranteed $1/hr raise at six and twelve months. The largest manufacturing employer here produce stamped sheet metal parts, and they have a large sign and banners lining the road claiming $18/hr, a $1,500 signing bonus, and fully paid family benefits. My California-based "healthtech" company employer doesn't even have health insurance as good as theirs.
1: https://www.glassdoor.com/Salary/Walmart-Guest-Service-Team-...
I'm not arguing things are equivalent to 1922 on an absolute scale, but on a relative scale they're closer than they were in the recent past. The prosperity of the previous century has shifted the goal posts for what defines upper, middle and lower class. But after a long period of shifting the goal posts in a positive direction, we've had three or four decades of things shifting in the opposite direction, and that trend appears to be accelerating for the moment.
As for upward mobility, that largely only exists for people with college degrees these days. And even then only a few select degrees are really worth anything. And college costs are insanely inflated compared to where they were in 1980, let alone 1922. Is it possible to better oneself in 2022? Sure, but I'd argue there were much more opportunities for middle class people just 40 years ago. A Unionized coal miner with experience could make an upper middle class salary without the burden of higher education that costs as much as a house. Ditto for many factory jobs.
A job at Walmart making minimum wage that hasn't been adjusted for inflation for decades does not have anything resembling the same purchasing power as a minimum wage job 60 years ago. Walmart jobs are notorious for requiring food stamps despite working full time hours.