It wasn't, but even if it was, that still sounds about right: Labor, like any asset, is bound by supply and demand. They've made two-income-households the norm, which means wages can be halved, because the supply of workforce doubled. And it can go down even more, because they're importing more workers. So yes, had we kept the same society as back then, we WOULD be getting about 50/hour. But we didn't: We now have two-income-households as a norm, and import laborers by the millions. And that fucks the supply-demand curve.
It wasn't, but even if it was, that still sounds about right: Labor, like any asset, is bound by supply and demand. They've made two-income-households the norm, which means wages can be halved, because the supply of workforce doubled. And it can go down even more, because they're importing more workers. So yes, had we kept the same society as back then, we WOULD be getting about 50/hour. But we didn't: We now have two-income-households as a norm, and import laborers by the millions. And that fucks the supply-demand curve.