I don't agree that this is a valid calculation. But, for what it's worth, my brother sent this out recently.
50 years ago the minimum wage was 1.25 (1963). See dol.gov/whd/minwage/chart.pdf.
That's what the minimum wage would be, adjusted for inflation. I think this discrepancy should be reimbursed retroactively by the "elite" 1%! :)
See also ...