this post was submitted on 10 May 2024
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If there's no corresponding regulation on rent prices, minimum wage is irrelevant.
Raise the minimum wage to a bazillion dollars? Great! Rent is now three hundred bajillion!
I'm glad someone made this point. Raising the federal minimum wage too fast is a great way to cause inflation. Control rent and interest rates and creep minimum wage up in steps, going to $15 federal would be great for a while but isn't a stable solve. We can start establishing a living wage economy slowly, especially where many states still tax food and health essentials. $7.25 is embarrassing, but funnily enough, it is still the 17th highest across all countries.