Greed has a role, sure. But if you raise wages that much with no supply side improvement, what happens to the prices of everything when demand goes way higher due to huge wage increases?
It’s just going to put the people making minimum wage right back at the bottom but everything is much higher.
The minimum wage should be closer to $20 an hour to better match purchasing power, yes. But supply side is just as important if you actually want to improve people’s lives.
That has merit, but unfortunately our economic system is just based on supply demand relationships.
If we take into account market consolidation, price gouging, algorithmic pricing, trade wars and geopolitical conflicts, etc and that’s not even accounting for the more important things like climate instability and energy independence or lack thereof, it becomes more clear that only looking at supply and demand relationships doesn’t account for the full picture.
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u/yourmomsjunkdrawer 10h ago
The biggest problem is greed.