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Expecting minimum wage to track inflation is not mismanaged expectations, it’s a basic part of the social and societal contract. Don’t blame workers in the worl
by ramphastidae 5y ago
Expecting minimum wage to track inflation is not mismanaged expectations, it’s a basic part of the social and societal contract. Don’t blame workers in the world’s richest country for being unhappy with a measly $7 rise in minimum wage in 84 years.
- Gravityloss 5y agoWell that's a different statement from the original and I do agree it's a problem worth discussing.
- didgeoridoo 5y agoThe federal minimum wage has increased by approximately 2,400% since its inception, nearly double the rate of inflation.
- tenuousemphasis 5y agoOk great, how about for the people of current working generations? The purchasing power of the minimum wage peaked in 1970. And that's using the official inflation data, which means the real purchasing power is even lower. https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_States#/media/File%3ATimeline_of_federal_minimum_hourly_wage_for_nonfarm_workers_for_the_United_States._And_inflation-adjusted.gif https://en.wikipedia.org/wiki/Minimum_wage_in_the_United_Sta...
- missedthecue 5y agoThe thing missing from this is that no one pays $7.25 any more, even though it is technically the minimum wage. Take it from me, someone who has an entry level job (customer service).
- staticman2 5y agoWhy would you write "2400%" unless you were trying to mislead people? It's like saying I traveled 1,609,344 millimeters because it sounds like more distance than saying than I traveled 1 mile.
- didgeoridoo 5y agoIs “24x” better for you? The claim was that inflation has outstripped the rise in minimum wage. That claim was incorrect. Minimum wage has approximately doubled the inflation rate. It doesn’t matter how you write it.
- cuteboy19 5y agoCurious, increased by 2400% always felt like 25x to me. For example if we said increased by 50% then no one would think twice about 1.5x
- bart_spoon 5y agoIncrease measured as a percentage is commonplace.
- missedthecue 5y agoI would say "raised by a measly $7" is far more misleading than percentage terms.
- bitwize 5y agoNow track it against cost of living.
- didgeoridoo 5y agoWhen people talk about “inflation” they are talking about the CPI, which represents “cost of living” (food, energy, shelter, etc.) Is there a better “cost of living” metric out there? Would love to know if so.
- throwawayl44 5y agoIt's UK, but check these out. https://twitter.com/BootstrapCook/status/1483778776697909252 https://twitter.com/BootstrapCook/status/1483778776697909252 https://www.theguardian.com/books/2022/jan/26/terry-pratchett-jack-monroe-vimes-boots-poverty-index https://www.theguardian.com/books/2022/jan/26/terry-pratchet... Their ONS agreed to make changes.
- willcipriano 5y agoThe minimum wage is now well under the natural wage floor. In most populated areas $15 an hour is old news, you have to pay $18-$20 if you want someone to show up. Setting a new minimum wage that is still below the natural wage floor won't have much of a effect. It's the sort of policy that feels good but in practice doesn't do much.