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Democrats want to make the minimum wage $17 an hour and give nearly 28 million workers a raise (www.businessinsider.com)

submitted 1 year ago by [email protected] to c/[email protected]

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cross-posted from: https://infosec.pub/post/916523

Sen. Bernie Sanders is once again calling for a higher federal minimum wage. The current rate has been $7.25 since 2009.

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[–] [email protected] 1 points 1 year ago

Thing is a US wide minimum wage (which is what this news is about) would be like an EU wide minimum wage. There's crazy variation in living costs across the states.

Somewhere like California is pretty close to this amount already, the employers would just pay out an extra couple of dollars and everyone goes on as normal.

Where the effect in somewhere like the rural rectangle states would be enormous, with inflation skyrocketing, people probably losing jobs over it at smaller firms. People's savings would lose value overnight. People who thought they had enough money to retire will find themselves forced back to work. If you're a young person a $17 min wage sounds pretty great, but that's not the only thing to consider.