Let's see what you guys make of my numbers.
Median Family Income $5,600
Purchasing Power of $5,600 income in 2012 dollars = $139,924.73
Median Male Income $4,100
Purchasing Power of $4,100 income in 2012 dollars = $102,444.89
Median Female Income $1,300
Purchasing Power of $1,300 income in 2012 dollars = $32,482.52
Full Time Employed Male $5,400
Purchasing Power of $5,400 income in 2012 dollars = $134,927.42
1960 Minimum Wage was $1.00
1960 Quarters contain 0.1808 oz of Silver
(4) Quarters x 0.1808 oz = 0.7232 oz of Silver
0.7232 oz of Silver x $34.55 (current Silver price) = $24.98
1960 Minimum Wage was equal to $24.98 into today's money.
What this all means is unless you're making $24.98/hour you're living far below the standards of living your parents experienced in 1960. You must gross $134,927.42 in today's money just to be on par with an average wage earner in that era. Of course the average salary for most people in 2012 is around $41,673, so this is an astounding loss of about 70% of purchasing power for the average American worker.