The federal minimum wage has increased by approximately 2,400% since its inception, nearly double the rate of inflation.

Ok great, how about for the people of current working generations? The purchasing power of the minimum wage peaked in 1970. And that's using the official inflation data, which means the real purchasing power is even lower.

https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_Sta...

The thing missing from this is that no one pays $7.25 any more, even though it is technically the minimum wage. Take it from me, someone who has an entry level job (customer service).

The minimum wage is now well under the natural wage floor. In most populated areas $15 an hour is old news, you have to pay $18-$20 if you want someone to show up. Setting a new minimum wage that is still below the natural wage floor won't have much of a effect. It's the sort of policy that feels good but in practice doesn't do much.

Now track it against cost of living.

When people talk about “inflation” they are talking about the CPI, which represents “cost of living” (food, energy, shelter, etc.) Is there a better “cost of living” metric out there? Would love to know if so.

It's UK, but check these out.

https://twitter.com/BootstrapCook/status/1483778776697909252

https://www.theguardian.com/books/2022/jan/26/terry-pratchet...

Their ONS agreed to make changes.

Why would you write "2400%" unless you were trying to mislead people?

It's like saying I traveled 1,609,344 millimeters because it sounds like more distance than saying than I traveled 1 mile.

Is “24x” better for you? The claim was that inflation has outstripped the rise in minimum wage. That claim was incorrect. Minimum wage has approximately doubled the inflation rate. It doesn’t matter how you write it.

Curious, increased by 2400% always felt like 25x to me. For example if we said increased by 50% then no one would think twice about 1.5x

Increase measured as a percentage is commonplace.

I would say "raised by a measly $7" is far more misleading than percentage terms.

Well that's a different statement from the original and I do agree it's a problem worth discussing.