|Minimum wage in 1998||$5.15|
|Gasoline cost in 1998||$1.24|
|Minutes:seconds worked per gallon gas in 1998||14:27|
|Minimum wage in 2008||$5.85|
|Gasoline cost in 2008||$4.00|
|Minutes:seconds worked per gallon gas in 2008||41:02|
Even though I make more than minimum wage, that kid working at McD's back in 1998 still has me beat on purchasing power*, as far as gasoline goes.
Thoughts? Anyone interested in the "bread and circuses" model that compares the cost of food and movie tickets? Or what would be the appropriate circus equivalent?
*If you would like to figure out your own costs, but are math-impaired, here's what I did:
Question: How long must you work at a certain wage to earn a gallon of gas at a certain cost?
This is only tricky because it involves minutes and seconds, which aren't regular decimal fractions of an hour.
Cost of gas divided by wages
1.24 / 5.15
x 60 to get minutes
14 is the minutes here (and the seconds are still after the decimal); write down 14 somewhere and subtract it.
answer: 0.44660 (same as above without the 14)
x 60 to get seconds
26, rounded up to 27, is the seconds.
Answer: 14 minutes, 27 seconds at 5.15 an hour equals one gallon of gas at 1.24 a gallon.