Quote:
Originally Posted by iheartphilly
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We have a real world study now in front of our eyes with inflation on everything from food to housing costs and everything in between, due to money previously pumped into the financial system because of the pandemic. Not even on a great scale like this, some businesses must raise prices on their products and services, especially those kinds of businesses that have razor thin profit margins or operate on borrowed credit, if they are forced to pay a higher wage. To be clear, I am in favor of higher wages, but if you are running a small business in certain sectors that have inherent risks and costs not in your control, higher wages is a real issue you have to confront to determine if your business can thrive or not.
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Completely different scenario.
The real world scenario was the 30+ states that raised the minimum wage prior to us and or the pandemic and had no effect on inflation.
I mean jesus christ I can't believe we're having this conversation. The last time the minimum wage was raised was in 2009. Can anyone with a straight face argue that's tolerable? Can anyone argue with the fact that it shouldn't just be pegged to the CPI or inflation rate and adjust upward each year so we can stop having this inane debate.
With all things the boomers ruined, minimum wage when they were in entry level roles was many multiples of what it is today in terms of buying power. When my mom worked in her first job post high school, she made $40 a week and her college tuition was $250 a year.
Now minimum wage is what, $300 a week and in state tuition at a state supported school is about $8000 a year. It's not difficult to see why it was so much easier to climb into the middle class a few generations ago.