4 ms·

https://stats.oecd.org/index.aspx?DataSetCode=RMW https://stats.oecd.org/index.aspx?DataSetCode=RMW In 2022 the US had a lower minimum wage than every OECD cou

by grecy 3y ago

https://stats.oecd.org/index.aspx?DataSetCode=RMW https://stats.oecd.org/index.aspx?DataSetCode=RMW In 2022 the US had a lower minimum wage than every OECD country other than Romania, Croatia, Hungary and Czechia. 21 developed countries have more expensive labor than the US, and only 4 are less expensive. Labor in the US is cheap among Developed countries.

kbelder 3y ago
Kind of corresponds to unemployment. 10 OECD countries have lower rates, 30 have higher. https://www.oecd.org/employment/unemployment-rates-oecd-updated-september-2023.htm#:~:text=OECD%20unemployment%20rate%20remains%20below,the%2013th%20consecutive%20month&text=The%20OECD%20unemployment%20rate%20was,a%20year%20(Figure%201.1) https://www.oecd.org/employment/unemployment-rates-oecd-upda....
johnnyanmac 3y ago
This is hard to compare because federal minimum wage is just that. a floor. The vast majority of states have higher minimum wages on top of that. California, for example, would be at the very top in 2022 ($15/hr). a mid CoL state like Illinois being $12/hr in 2022. This is definitely the case with other countries too, but the US's (relatively) weak federal government is a consequence of this. They leave the states a lot of autonomy in these matters but set a bare basic floor to prevent obvious abuse. As a result, the federal minimum wage hasn't increased since 2009. Wheras states tend to increase every year or 2 (calidornia increased to $15.50 this year).
- grecy 3y ago
  > California, for example, would be at the very top in 2022 ($15/hr). a mid CoL state like Illinois being $12/hr in 2022. According to the OECD, the US was at $15.08 in 2022... which means almost rock bottom for the OECD. So your example of Illinois at $12 is the actual rock bottom, cheapest labor in the entire OECD. Thanks for making it so clear.
  - johnnyanmac 3y ago
    we must be reading different charts, or you misinterpreted my hourly salary for yearly: https://i.imgur.com/VMH2qi7.png https://i.imgur.com/VMH2qi7.png $15/hr is approximately $30k/year if you made the latter argument. US measures its minimum wage hourly so I used that site's own conversion function to save me some mental bandwidth. Which I unfortunately lost by having to reply to this. Oh well.

by grecy 3y ago

kbelder 3y ago

Kind of corresponds to unemployment. 10 OECD countries have lower rates, 30 have higher. https://www.oecd.org/employment/unemployment-rates-oecd-updated-september-2023.htm#:~:text=OECD%20unemployment%20rate%20remains%20below,the%2013th%20consecutive%20month&text=The%20OECD%20unemployment%20rate%20was,a%20year%20(Figure%201.1) https://www.oecd.org/employment/unemployment-rates-oecd-upda....

johnnyanmac 3y ago

This is hard to compare because federal minimum wage is just that. a floor. The vast majority of states have higher minimum wages on top of that. California, for example, would be at the very top in 2022 ($15/hr). a mid CoL state like Illinois being $12/hr in 2022. This is definitely the case with other countries too, but the US's (relatively) weak federal government is a consequence of this. They leave the states a lot of autonomy in these matters but set a bare basic floor to prevent obvious abuse. As a result, the federal minimum wage hasn't increased since 2009. Wheras states tend to increase every year or 2 (calidornia increased to $15.50 this year).

grecy 3y ago
> California, for example, would be at the very top in 2022 ($15/hr). a mid CoL state like Illinois being $12/hr in 2022. According to the OECD, the US was at $15.08 in 2022... which means almost rock bottom for the OECD. So your example of Illinois at $12 is the actual rock bottom, cheapest labor in the entire OECD. Thanks for making it so clear.
- johnnyanmac 3y ago
  we must be reading different charts, or you misinterpreted my hourly salary for yearly: https://i.imgur.com/VMH2qi7.png https://i.imgur.com/VMH2qi7.png $15/hr is approximately $30k/year if you made the latter argument. US measures its minimum wage hourly so I used that site's own conversion function to save me some mental bandwidth. Which I unfortunately lost by having to reply to this. Oh well.