As for the minimum 'real wage', it's now below what it was in 1958. ... See More
see chart with blue and red diamonds at:
Meanwhile, real productivity, output per hour of labour has increased by an average 2% or more per year over the 20th Century up till now. We're always being told via our media pundits and pollies that when productivity rises, wages rise. This axiom is a commonplace which you'll hear constantly coming from talking heads employed by the capitalist class...all part of the infotainment game. Thus, the vast accumulation of wealth continues apace. The lion's share ends up in the bank accounts, bonds, stocks and real estate holdings of about 10% of the population aka the capitalist and landlord classes.
If you believe capitalist propagandists in the corporate and State media then, you're likely to think that the minimum wage is too high. You're likely to fall into the trap of a 'race to the bottom'. "If workers didn't ask so much, Ford wouldn't be shipping our jobs to Mexico and China."
We're really never educated to become class conscious in capitalist society. We're never told that labour creates all the wealth not already found in Nature. We are told that we're mere indvidudal consumers. Our knowledge of production (what goes on in our minds) is such that we attribute wealth creation to capitalist owners of industry instead of the people who must sell their time and skills to the employing class in order to make a lving e.g. Mercedes Benz makes great cars. This phenonmenon is known as 'reification' in philosophy.