Economics is not taught in schools. Even back when I was in school we didn’t learn basic common sense economics. So is it any wonder people do not understand this?
What they will not like is costs going up. But putting two and two together....doesn’t seem to happen.
Once the citizens allowed the gov to mandate minimum wage, they gave the gov power to regulate in this area. It always starts small.
Hey....where is my second gov stimulus check?
Do any of these “little helpers” and “do-gooders” tell us how this benefits all the people who currently worked their way up to $15/hr?
Current federal $7.25/hr = in place since 2009 or 2010. I did the following calculation:
Minimum Wage Valued in 2020 dollars
2010 ($7.25/hr) = 2020 ($8.59)
1976 ($2.30/hr) = 2020 ($10.45)
1968 ($1.60/hr) = 2020 ($11.89)
1956 ($1.00/hr) = 2020 ($9.50)
1938 ($0.25/hr) = 2020 ($4.58).
It interesting on how low the 1938 adjusted minimum wage was. Using that number as a benchmark, is today’s minimum wage earners being overpaid?
Also, the average price of a gallon of gas in 1938 was $0.20/gal; in 2010 = $2.79/gal; in 2020 = $2.25/gal.
Therefore,
1938 (1 gal/min wage) = 0.80
2010 (1 gal / min wage) = 0.38
2020 (1 gal / min wage) = 0.31.
So on this one commodity upon which most people use, and rely on, it looks like the wage earner has improved quite well.
The bottom line is that increasing the minimum wage will benefit only the giverment. The bigger issue is the devaluation of the US currency, excessive US borrowing, and upcoming national debt crisis. Arguing $15/hr with these people is useless, they aren’t interested ... and after it passes, and all the bad things happen in the economy as predicted, there will be further efforts to get the giverment to fix the problem.
The cost of labor going up 30% is not a crises.
My first job @ 18 paid $1.50 a hr + cheesy tips. Waiting tables. Babysitting was .50 an hr, no matter how many kids there were, being 14/15 that was what you were paid.
Never made more than $5.00 a hr. HS skills were obsolete by the time you graduated in 1966.