3 ms·

Except that's not at all true. Historic raises in the minimum wage did not cause an inflationary response in goods nor currency.

• gruez 4y ago
  >Historic raises in the minimum wage did not cause an inflationary response in goods nor currency. The "historic raises in the minimum wage" were also very conservative and decried by proponents of $15/$20/whatever minimum wage as being too low. A one time pay bump won't cause serious issues, but giving in to ever increasing demands for minimum wage (ie. $15 last year, $20 this year, $25 the year after) will.
  • otikik 4y ago
    May I ask what are your sources for that claim? Honest question.
  • XorNot 4y ago
    Minimum wage should be going up all the time to keep it inline with inflation. That's the point of minimum wage. Minimum wage used to ride regularly, then since 2005 has remained constant while in real terms reducing by about 40% [1] https://www.statista.com/statistics/1065466/real-nominal-value-minimum-wage-us/ https://www.statista.com/statistics/1065466/real-nominal-val...
    • gruez 4y ago
      > Minimum wage should be going up all the time to keep it inline with inflation. That's the point of minimum wage. Except that if you adjusted the minimum wage in 2005 to account for inflation, you'll only get $7.93 today[1]. I doubt the people clamoring for a $20 minimum wage today are doing it on the basis of "keeping up with inflation". [1] https://fred.stlouisfed.org/series/CPIAUCSL https://fred.stlouisfed.org/series/CPIAUCSL