And what does “raising the floor” do other than make everything more expensive?
What you’re talking about is what is referred to as a “Wage-Price Spiral”. While this is the idea that is pushed a lot, it is not actually based on factual data. All recent studies have refuted that it is actually a real thing - even the Cato Institute, a right-wing libertarian think-tank, acknowledges this. Current inflationary forces are overwhelming related to price gouging, extracting more money from society to go into the hoards of billionaires.
Real wages have stagnated since the 70s and completely decoupled from economic productivity under Reagan. The lack of a living minimum wage is nothing more than massive theft of earned wages. I do agree that just setting it at $20 is barely a half-measure. It needs to be tied to cost of living and adjusted annually, without legislative action.
What you’re talking about is what is referred to as a “Wage-Price Spiral”. While this is the idea that is pushed a lot, it is not actually based on factual data. All recent studies have refuted that it is actually a real thing - even the Cato Institute, a right-wing libertarian think-tank, acknowledges this. Current inflationary forces are overwhelming related to price gouging, extracting more money from society to go into the hoards of billionaires.
Real wages have stagnated since the 70s and completely decoupled from economic productivity under Reagan. The lack of a living minimum wage is nothing more than massive theft of earned wages. I do agree that just setting it at $20 is barely a half-measure. It needs to be tied to cost of living and adjusted annually, without legislative action.
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