I was talking with a coworker the other day and they were talking about how raising minimum wage causes inflation because businesses will raise prices to offset to rise in labor costs. I asked if he thought inflation had gotten bad in the past 5ish years in particular. He said of course. I said well federal minimum wage hasn’t risen since 2009, which was 15 years ago, so it sounds like inflation is gonna happen regardless of wages and is based on the capitalistic goal of infinite growth, so maybe we should raise minimum wage so lower income people have a shot at affording basic necessities.
He just said no, then inflation just would’ve been worse. It’s maddening.
Ooooh, now plot the avg wage across this period. Y=min wage.
I was talking with a coworker the other day and they were talking about how raising minimum wage causes inflation because businesses will raise prices to offset to rise in labor costs. I asked if he thought inflation had gotten bad in the past 5ish years in particular. He said of course. I said well federal minimum wage hasn’t risen since 2009, which was 15 years ago, so it sounds like inflation is gonna happen regardless of wages and is based on the capitalistic goal of infinite growth, so maybe we should raise minimum wage so lower income people have a shot at affording basic necessities.
He just said no, then inflation just would’ve been worse. It’s maddening.