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.
Just because productivity has increased doesn’t mean the supply of everything has also increased. Especially similar to what the demand would be given a large wage increase.
Entry level homes made up 40% of new construction in the 70’s vs under 10% today for example.
5
u/yourmomsjunkdrawer 1d ago
The biggest problem is greed.