this post was submitted on 23 Sep 2024
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That had nothing to do with the minimum wage (which has been lower than $15 of today's dollars since inception), but because of how much cheaper college was back then.
"Its not about pay, its just about how more affordable things were for the pay you earned back then!"
College tuition has massively outpaced inflation, much less wage growth.
The policies (chiefly the change that made student loans no longer dischargeable in bankruptcy) that rocketed college tuition up are a MUCH more significant factor in college affordability, that's just a fact.
When everything outpaces inflation, maybe we compute inflation wrong.