In this article, I wanted to write about the absurdity of prices.
In the United States, the Federal Minimum Wage is $7.25/hour meaning the minimum any State can legally provide is $7.25. Some States minimum wage is higher than this, but none can be lower legally.
We will use this as a metric to compare against prices of various goods.
12 Eggs (Large) – $3.19 – 0.44 Hours
In America on the minimum wage you’ll be trading just under half of an hour of your life to buy yourself 12 eggs.
Around 26 Cents per egg, meaning that it’ll cost you half a dollar to enjoy just two large eggs.
Toshiba 49″ 1080p Smart TV – $349.99 – 48.27 Hours.
To buy the Toshiba TV you’d need to work just over 2 days of your life to purchase the televison. That works out to be 6.03 working days assuming you work 8 hours per day!
iPhone X 64GB – $899.99 – 124.13 Hours.
To buy the iPhone X you’d need to work for 15.5 days if you worked an 8 hour job. No small amount of money for your average worker.
New Car – $31,400 – 4,331 Hours
If you want to buy a brand new car, then the average price is going to be around $31,400. That’s 541 working days at Minimum Wage.
Meaning you’ll have to work over a year, with no time off and spending no money in order to buy a new car.
An Average Home – $200,000 – 27,586 Hours
The average price of a house in the United States is $200,000.
In order to buy an average priced home, on the minimum wage, you would need to work for 1149.4167 days. That’s 3.14 Years. Assuming you never had to pay for anything in that time and you saved every dollar that’s how long it would take you.
The point of this article is pretty obvious. It’s to point out that prices are both absurdly high for certain items in relation to what the average person would have to do in order to acquire it. Hopefully, it also shows that the inflation of prices and minor movement of minimum wage can’t continue. Else we all need to save for years to just buy an average car. Does that seem right? Nope.