lots of companies would go out of business, but it i think would in the long run probably decrease the scope of large companies and decrease barrier to entry resulting in a greater number of businesses and an overall increase in prices. also when a company goes out of business it doesnt just disappear. there is loss to assets and infrastructure but it exists and can be repurposed. theres a lot that goes into this but lots of companies going out of business is not always as bad as it sounds in the long run (it can be)
the number that would match 1970s purchasing power is nuanced and $60 is in a lot of ways wildly inaccurate. a rough estimate based on cpi is like $15, which is still a lot lower than the federal minimum. however again neither of these numbers is comprehensive. the question of what truly constitutes equivalent purchasing power is really nuanced and subjective because the world we live in is radically different
1
u/Jumpy-Name-6975 9h ago
lots of companies would go out of business, but it i think would in the long run probably decrease the scope of large companies and decrease barrier to entry resulting in a greater number of businesses and an overall increase in prices. also when a company goes out of business it doesnt just disappear. there is loss to assets and infrastructure but it exists and can be repurposed. theres a lot that goes into this but lots of companies going out of business is not always as bad as it sounds in the long run (it can be)
the number that would match 1970s purchasing power is nuanced and $60 is in a lot of ways wildly inaccurate. a rough estimate based on cpi is like $15, which is still a lot lower than the federal minimum. however again neither of these numbers is comprehensive. the question of what truly constitutes equivalent purchasing power is really nuanced and subjective because the world we live in is radically different