US News

I think people believe economics exists in a vacuum. Companies and banks try to claim that it does too, but they all play their cards differently when things change.

Minimum wage is not a living wage indicator, it’s a monetary floor. If you raise the floor above current working-class wages you still have to deal with the consequences of every single company raising the prices of everything to compensate for the new monetary floor being higher than it was before. $20 minimum wage means the average value of a house goes from $300k to $600k, the average car price goes from $25k to $50k. You accelerate inflation without getting anyone closer to a living wage. In fact, by substantially increasing minimum wage we would end up sending people who are currently struggling into a deeper financial crisis.