Have you tried living off $9.24 an hour? That’s about $370 a week before taxes.
Average rent in the US was $1372 a month 2023, which means just buying power isn’t enough to figure this out. Many people who already own property miss the fact that it’s largely impossible not to rent forever for anyone born after 1990, and extremely hard for anyone born after 1980 (on average – it differs for cheaper areas, which won’t be cheaper for much longer based on trends).
I’d argue we have multiple factors. Inflation is a huge one, but cost of living has in many ways outpaced inflation. Those two alone are additive, which is why even the current California minimum wage of $15.50 is not enough.
Let’s leave it as an amorphous amount for now, and I’ll ask a different question: what about a potential $50 minimum wage upsets you? What makes that a bad idea, in your view (and if you don’t believe it is, apologies in advance!).
Most major inflation indices omit things like the cost of food and housing. So, they are only marginally useful in looking at the financial experiences of the populace.
deleted by creator
Have you tried living off $9.24 an hour? That’s about $370 a week before taxes.
Average rent in the US was $1372 a month 2023, which means just buying power isn’t enough to figure this out. Many people who already own property miss the fact that it’s largely impossible not to rent forever for anyone born after 1990, and extremely hard for anyone born after 1980 (on average – it differs for cheaper areas, which won’t be cheaper for much longer based on trends).
I’d argue we have multiple factors. Inflation is a huge one, but cost of living has in many ways outpaced inflation. Those two alone are additive, which is why even the current California minimum wage of $15.50 is not enough.
Let’s leave it as an amorphous amount for now, and I’ll ask a different question: what about a potential $50 minimum wage upsets you? What makes that a bad idea, in your view (and if you don’t believe it is, apologies in advance!).
deleted by creator
Most major inflation indices omit things like the cost of food and housing. So, they are only marginally useful in looking at the financial experiences of the populace.