6 ms·

If you factor money supply increase, current minimum wage is like $3-4 per hour compared to pre-pandemic.

dragonwriter 3y ago
> If you factor money supply increase, current minimum wage is like $3-4 per hour compared to pre-pandemic. Yes, if you start with a dumb premise, you come to a meaningless conclusion.
irrational 3y ago
Do you mean people are being paid $3-4? Or is there a word (more?) missing?
- hartator 3y ago
  2019 $7.5 per hour is roughly equivalent to $4 per hour today.
  - kadoban 3y ago
    Your claim is that inflation in ~4 years is almost 90%?
    - anonporridge 3y ago
      The claim is money supply debasement, which is related to but not directly aligned with consumer price index (CPI) which only measure inflation for some theoretical "average" consumer based on some bucket of goods, services, and assets that increase or decrease in cost at sometimes wildly different rates.
      - kadoban 3y ago
        CPI is pretty crap, but another model that shows almost 90% inflation in ~4 years seems even more suspect.
    - deleted 3y ago
      [deleted]
  - irrational 3y ago
    $7.5 an hour? Is it still that low in places? Around here, the lowest you will see is $17/hr.
    - ZoomerCretin 3y ago
      Adjusted for inflation, $7.25 in January 2009 (when it was last set) has the equivalent purchasing power of $10.36 in March 2023. I live in a part of the country where many jobs pay $9-10 an hour despite rent being $600/month for a room.
      - irrational 3y ago
        That’s cheap. Around here, even the lowest of the low apartments (complete slums) are just shy of $2000 a month.
  - ZoomerCretin 3y ago
    https://www.bls.gov/data/inflation_calculator.htm https://www.bls.gov/data/inflation_calculator.htm $7.25 in March 2023 has the equivalent purchasing power as $6.05 in January 2019.
HDThoreaun 3y ago
Less than 1% of workers are making minimum wage.
- ZoomerCretin 3y ago
  A person making $0.01 more than minimum wage is technically not making the minimum wage. Citing the percentage of people who make exactly the minimum wage is not a compelling argument for how many people are affected by it.
  - seanmcdirmid 3y ago
    That is technically true, but pragmatically, anywhere close to minimum wage is a joke these days, people just won't work for $7.25 or $7.26 an hour anymore in most places. Even in Vicksburg Mississippi, where I lived for a bit as a kid, a poor place, although not Yazoo poor, McDonalds is starting at $11/hour now.

> If you factor money supply increase, current minimum wage is like $3-4 per hour compared to pre-pandemic. Yes, if you start with a dumb premise, you come to a meaningless conclusion.

irrational 3y ago

Do you mean people are being paid $3-4? Or is there a word (more?) missing?

hartator 3y ago
2019 $7.5 per hour is roughly equivalent to $4 per hour today.
- kadoban 3y ago
  Your claim is that inflation in ~4 years is almost 90%?
  - anonporridge 3y ago
    The claim is money supply debasement, which is related to but not directly aligned with consumer price index (CPI) which only measure inflation for some theoretical "average" consumer based on some bucket of goods, services, and assets that increase or decrease in cost at sometimes wildly different rates.
    - kadoban 3y ago
      CPI is pretty crap, but another model that shows almost 90% inflation in ~4 years seems even more suspect.
  - deleted 3y ago
    [deleted]
- irrational 3y ago
  $7.5 an hour? Is it still that low in places? Around here, the lowest you will see is $17/hr.
  - ZoomerCretin 3y ago
    Adjusted for inflation, $7.25 in January 2009 (when it was last set) has the equivalent purchasing power of $10.36 in March 2023. I live in a part of the country where many jobs pay $9-10 an hour despite rent being $600/month for a room.
    - irrational 3y ago
      That’s cheap. Around here, even the lowest of the low apartments (complete slums) are just shy of $2000 a month.
- ZoomerCretin 3y ago
  https://www.bls.gov/data/inflation_calculator.htm https://www.bls.gov/data/inflation_calculator.htm $7.25 in March 2023 has the equivalent purchasing power as $6.05 in January 2019.

HDThoreaun 3y ago

Less than 1% of workers are making minimum wage.

ZoomerCretin 3y ago
A person making $0.01 more than minimum wage is technically not making the minimum wage. Citing the percentage of people who make exactly the minimum wage is not a compelling argument for how many people are affected by it.
- seanmcdirmid 3y ago
  That is technically true, but pragmatically, anywhere close to minimum wage is a joke these days, people just won't work for $7.25 or $7.26 an hour anymore in most places. Even in Vicksburg Mississippi, where I lived for a bit as a kid, a poor place, although not Yazoo poor, McDonalds is starting at $11/hour now.