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The problem is that wealthy liberals and conservatives are in on a long-con against the American worker class. They want to pretend Inflation doesnt exist or ha
by TuringNYC 3y ago
The problem is that wealthy liberals and conservatives are in on a long-con against the American worker class. They want to pretend Inflation doesnt exist or has been conquered (e.g., https://x.com/paulkrugman/status/1712494317024026761?s=20 https://x.com/paulkrugman/status/1712494317024026761?s=20) but refuse to reconcile that against fundamental numbers -- you cannot make ends meet with the current minimum wages.
ZIRP has been disastrous for everyone except leveraged asset owners (i.e., the wealthy). Assets inflated in price, rents rose commensurately, and we all pretended things were OK because of ZIRP and "fixed" it with further leverage to maintain affordability.
- doublespanner 3y agoI feel like a focus on minimum wages is misplaced, it's hiding the real problem that is the value of labour has been diluted. The minimum wage should be set based on determining the rate a sound minded well informed advocate could negotiate for the work. That is preventing exploitation. It should not be used to try to set a living wage, because as we have seen, this just leads to the COL increasing for everyone... Leading to a greater concentration of wealth as the average person now has less ability to save.