The Depths of Dickensian Destitution

I explore the economics of A Christmas Carol in the Wall Street Journal

Below is a brief excerpt from my opinion piece this morning in “Free Expression,” a new feature of the Wall Street Journal.

Claims that an American today earning the minimum wage is worse off than the working poor of the 19th century have been popular since at least 2021. A recent post with thousands of likes reads:

Time for your annual reminder that, according to A Christmas Carol, Bob Cratchit makes 15 shillings a week. Adjusted for inflation, that’s $530.27/wk, $27,574/yr, or $13.50/ hr. Most Americans on minimum wage earn less than a Dickensian allegory for destitution.

This is humbug. Consider…