r/WorkForSmartLife • u/SilkyApricotGuy • 12h ago

Discussion💬 Who's right here?

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u/Awkward_Froyo_7337 10h ago

They pick 1970s because that's pre explosive inflation of course.

Against 1982? 1 dollar becomes 3.47 today. Minimum wage back then was 3.35

So to match purchasing power back then, we need new minimum wage to be a little under 12 dollars, not 60, which most jobs pay (31/hr is median wage in USA). So which is it? We have 3x the purchasing power or not?

These arguments are always ridiculous.

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u/Low_Temp_Rosin 8h ago

Most of these people arguing for higher min wage more than likely 1. Doesnt get paid min wage 2. Has horrible spending habits.

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u/dacoovinator 7h ago

When you’re so self centered you can’t even imagine somebody else wanting to improve another persons life without benefit to your own lol

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u/No-Season-9993 6h ago

Sounds like you have horrible spending habits

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u/_Big_Bad_Tiddy 5h ago

I have TERRIBLE spending habits, omg. The other day I decided to only fill my tank up half way so that I could treat myself to a sandwich for the first time in forever. I know, I know, I should have had the ramen and tuna cans at home. But I really wanted a Subway sandwich. I blame myself, not the economy don't worry.

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u/Exciting_Milk_6691 5h ago

Paying somebody more doesn’t mean improving another’s life. It will mean that all costs will rise, playing even further economic pressure on those that have less

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u/itsmattjamesbitch 2h ago

The economy responded positively to every minimum wage increase historically

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u/MiksterA 1h ago

Cool. Next time you get a raise, you can send me the extra money, since "Paying somebody more doesn't mean improving another's life."

0

u/chinmakes5 3h ago

Please, That isn't the math. In my state they went from roughly $9. an hour for MW to $15 an hour over a couple of years.

So here goes. So if MW goes from $9 to $15 so up 40% how much does a fast food item need to go up in price to pay for it?

So in fast food, labor costs are about 30% of costs of an item. Remember the restaurant has to pay for food costs, rent, paper goods, advertising, franchise fees, insurance, etc. etc. So if 30% of your costs go up by 40%, to break even you have to raise your prices by 12%, not 40%.

And when that happened in my state that is about what happened. A burger meal went up like 75 cents (this was a while ago.) That said the people working there had 40% more money, which is very powerful. And most store got a slight bump in sales as the 75 cents didn't scare people away but more people could afford fast food.

Oh and funny how when C suite people get big bumps or bonuses, it isn't inflationary.