700% is just too much. I have a feeling a major change like that would cause chaos. It really doesnt matter though. It’s a pipe dream that will never happen.
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It will happen.
Society is not sustainable, poverty creates crime and desperation.
If computers and the brains of the world can create an algorithm and optimize electronics business profits,
Why not create an algorithm to solve some of these problems.
Maybe this is one thing Ai is good for. An create models of society that saves the earth too.
That’s my pipe dream. Even if i have no skin in the game, i hope humanity continues after i die. I don’t need children to hope for a better future.
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Yeah, maybe 200 years from now when inflation pushes the minimum wage up. There is zero chance they are going to make the federal minimum wage 50 dollars an hour anytime soon.
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Make it 800% and just work 1 hr a day and make the same money
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Why not 3000%? I’m sure a restaurant will have no problem paying a dishwasher 500 dollars an hour.
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I f’d up 700% is the same as working 8 hrs. Not that ut changes anything.
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If a dishwasher makes $500, he can go to a restaurant and eat $500 meals for an hour wage. The restaurant can charge $500 meals if people make $500/hour.
The restaurant would make 10,000$ selling only 20 meals.
If thats case, why stop at 500 dollars an hour?! Why not go for a million dollars an hour? No amount makes a difference! We’ll all be millionaires and can all safely retire to Fiji and live happily every after.
The End.
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Wages are still paid out to employees by employers. There are multiple means to acquire income. Hourly wages is one source of income, dividends per share is another. Rent income, interest income and net profit or other methods. The wealthy of whom own businesses earn income 24-hours a day from workers who earn owners their income.
$50/hour in 2024 dollars is quite a lot for an hourly wage. I see high-paid tradesmen such as machinists, truck mechanics and certain technocrats earning this wage. Even specialty nurses will get paid this amount.
Its 100grand a year wage for typical 2000 hrs.
No such wage exists for any given country or corporation.
Not a minimum wage unless the economy has hyper inflation
As I have said before, I’m not an economist. But at the current time that 50 dollars an hour is 7 times the current federal minimum wage. Dollars stretch further in certain states and not so much in others. All your doing when you ask for such a massive increase is devaluing the dollar to a certain degree , both here and overseas, and asking for a 7 times larger piece of the pie for lower paid workers. It’s just expecting too much. And it wont happen anytime soon. Thats how my amateur eye sees it …
If you could just make more wealth for everyone out of thin air, we wouldve already done it.
THey increase the minimum wage a bit at a time to maybe help lower wage workers keep up with inflation and a bit to the higher earners, but 7 times the amount is not a small increase. Its massive. And that productivity has to come from somewhere too.
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Seldom do any of the 192 countries on this planet experience hyperinflation. The former Soviet Union or what is now Russia experienced hyperinflation during the fall of the USSR. The topic is hourly wages which as economists would view as a means of compensation for workers employed by a business firm. The accounting books of a business could not afford to pay its employees “$100,000/hour” wages.
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Here’s another thing to think about for anyone contemplating it being a good idea to have such extreme inflation as the 500 dollar an hour for the dishwasher scenario that had been discussed above. What about people with savings accounts or living off retirement funds? Suddenly their savings are almost worthless because the dollar has been devalued so much.
I’m not even an economist and I can see enough dire consequences from extreme inflation. I would imagine there are many other things it would impact that I cant see as a layman.
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$50 minimum wages will create hyperinflation which could spiral out of control. Making money worthless and hurting international competitiveness with jobs moving overseas.
As a general rule a 2% inflation is optimal for the economy. That’s why central banks take it as a target.
Politicians who don’t understand economics are a serious threat to the financial wellbeing of a nation.
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I kind of think a better way to help people would be to try to find a way to provide free college education
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@Bowens Savings accounts and retirement funds can be adjusted in valuation if say the economy of a given country has increased wages to $500/hour. If dollar value adjustments to bank accounts do not coincide with wages, then there is a problem.
@TheFountainPen Politicians have advisors who are experts in macroeconomics & microeconomics and provide politicians informed choices to make the correct decision. Labor unions, currency exchange rates & governmental regulations hurt the competitiveness of America which is why jobs moved to China. However, those American business firms are relocating to Mexico to establish their manufacturing plants there.
@Dude1 I don’t believe that Ivy League Universities would appreciate their educational institutions offering their coveted degrees for free. Harvard, Stanford, Yale & Princeton would not be able to sustain their operations without tuition fees from students.
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All I know is even with the REAL inflation rates in current years the value of the money I have left in savings accounts has gone down. Inflation was a whopping 8% in 2022, for example. 9.62% in october of 2022. Did my savings account increase by 8%? Not even close. This out of control inflation in recent years was one of the reasons I moved most of my money into Bonds. Even there it it wasnt keeping up with 8% inflation.
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Yeah college degrees would be affected I think who would need a college degree if you can make $50 an hour?
Kind of seems like it would impact universities in a way if you made minimum wage $50.