hope the young are enjoying their minimum wage increase, not that they realize that they can’t buy what they assumed they could with more money, because the price of everything just goes up to adjust for their additional spending power.
You are exactly right!
Way back, when the hourly wage was $0.50/hour, a hamburger sandwich was $0.20. Now, the hamburger sandwich is around $7 for a $15/hour wage. The ratio us mostly the same.
So they want a $30/hour livable wage. The hamburger sandwich will be close to $15.
Hey! Raise it to $50/hour so it is a livable wage. Yeah! Sure!