Ford Falcon in 1963 was $1380, Beetle was $1595. Cheapest new car last year was apparently the Mitsubishi Mirage at $17,800. A single serving of Coke from a machine was a dime, now it’s going to cost $1.50 to $2.50 (although serving sizes are larger to account for the lower kick in the current formula).
So using the Coca-Cola index, minimum wage should be around $20-$25; using a car index, it would be closer to $15 although the Mirage is going to have a lot more features than the earlier two. A base model Harley is 10x what it cost in 1963; A high end men’s haircut in 1963 would have been a dollar or less; now they will run $40-80.
So while the costs haven’t moved up in lockstep, by any index a $15 minimum wage isn’t inflationary. And if we do move manufacturing jobs back to the US, the quality of life overall will improve for everyone except the untrarich and the international bankers.
Looking at 1963 as a baseline, a $15/hr doesn’t seem out of line.
But was $1.25/hr (~$2500/yr) in 1963 a living wage?