Have a good look at these pictures because this is what inflation looks like.
The top picture is what McDonald’s charged their patrons in 1977, which was the year my little brother was born. Back then the minimum wage was $2.60. Back then a Big Mac Combo (burger, fries and drink) cost only $1.06, which means you could buy two combos with an hour of pay.
Now look at the today’s price board in the second picture. That is what McDonald’s is charging for almost the same menu. A Big Mac combo is now $6.79, not including taxes. That means the average person on minimum wage can only afford one combo, which means the minimum wage hasn’t inflated enough to match the price increases that McDonald’s has done to their menu.
Based on these numbers, the price of a big mac has inflated by 650% since 1977. The minimum wage is currently 10.25 and that is an inflation of only 380% … just over half of what everything else inflated.
The big mac is not the only thing that has inflated. Apply this inflation to rent, car payments and especially your hydro bill… and it’s near impossible to live off the minimum wage as it is right now.
According to statistics Canada, minimum wage doesn’t pay enough to live above what they consider the poverty line. We need to give the people a well needed raise. At least 50%… if not more.
It needs to happen now. People deserve an inflated wage to match inflated prices of everyday costs.