how does minimum wage only double when products go 16x? jesus the education system really is shit in the US. there would be constant riots in the streets if only people knew arithmetic
Inflation is purposely misexplained as something specific to a time period. So people aren’t aware that it’s a measure of velocity, how fast prices are rising. Our political system also gives the illusion of a reset every four years.
I believe the common strawman is “if min wage goes up, prices go up” which… You know just admits the system is there to abuse. “If you make more money then we’ll take more money from you”.
the idea is that wages are part of expenses which contribute to prices, which is why you need more regulation about this sort of thing. the best part is that when the min wage doesn’t go up, the prices still go up.
There’s a LOT of people that don’t understand inflation at all. They think something along the lines of, “I worked myself through college making $5/hr and it was hard and I didn’t get to buy all the things I wanted but it was fine. These lazy entitled people want several times that much for the same work?!”
So it’s not just basic math but basic economics and a basic understanding of reality that are sorely lacking.
Because minimum wage is defined by laws and has been purposefully kept below inflation. It hasn’t substantially increased (or maybe not at all) in my lifetime.
how does minimum wage only double when products go 16x? jesus the education system really is shit in the US. there would be constant riots in the streets if only people knew arithmetic
Look at how much corporate profits have gone up though
Inflation is purposely misexplained as something specific to a time period. So people aren’t aware that it’s a measure of velocity, how fast prices are rising. Our political system also gives the illusion of a reset every four years.
I believe the common strawman is “if min wage goes up, prices go up” which… You know just admits the system is there to abuse. “If you make more money then we’ll take more money from you”.
the idea is that wages are part of expenses which contribute to prices, which is why you need more regulation about this sort of thing. the best part is that when the min wage doesn’t go up, the prices still go up.
There’s a LOT of people that don’t understand inflation at all. They think something along the lines of, “I worked myself through college making $5/hr and it was hard and I didn’t get to buy all the things I wanted but it was fine. These lazy entitled people want several times that much for the same work?!”
So it’s not just basic math but basic economics and a basic understanding of reality that are sorely lacking.
Why don’t we just tariff inflation so China has to pay it? This seems bigly smart.
Because minimum wage is defined by laws and has been purposefully kept below inflation. It hasn’t substantially increased (or maybe not at all) in my lifetime.
They obfuscate the data from people and they don’t try to find it. Obviously they know that 16 is bigger than 2…