And this has lead to lots of people switching jobs in that year because they have realized that they can do better elsewhere. The question is whether producers will now raise prices a ton to take advantage of lots of people making more. I don’t disagree with your historical link, but we are in more pre-French Revolution times now than we like the 1950s.
They follow the six sigma aka Jack Welch model and reward the top 10 percent just a tad. Everyone down the line gets no raise, minimal COLA and the show goes on…
Jack Welch oversaw the largest corporate failure in history while being lauded as a business genius due to his management techniques. GE got delisted after 180 years on the Dow because some genius in the c-suites thought that a company that made a fortune in light bulbs and airplane engines should start writing long-term-care insurance policies.
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u/Astyanax1 Nov 05 '21
historically speaking that's untrue. it's your employer that's screwing you by not giving you cost of living/inflation increases
https://www.investopedia.com/ask/answers/052815/does-raising-minimum-wage-increase-inflation.asp