> In the 1970s/80s, an hour of minimum wage could afford you about 7 big macs. Now, it will not even buy you one.
The cost of a Big Mac in 1986 was $1.6 according to the Economist's Big Mac Index dataset[0]. The minimum wage in 1986 was $3.35[1] according to the US Department of Labor.
So you could afford at most two Big Macs in 1986, not seven. Also you can definitely afford one big mac with an hour of minimum wage today (minimum wage: $7.25, big mac: $5.36).
It's good to keep the facts straight here, which is what you're doing. But it should be noted as well that the broader point being made has not been addressed. Even according to these adjusted figures, the ability to buy Big Macs with an hour of labor has decreased. Shouldn't it be increasing, as technology gets better and productivity increases? Where have the additional profits from productivity gain been going?