Inflation is exactly why(or at least one of the big reasons why) so many people are having such a hard time making ends meet. And some people want to solve the problem by making inflation worse by taking such extreme measures, IMO. It doesn’t make any sense to me.
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When justifying her proposed $50 minimum wage, Lee said: “I have got to be focused on what California needs and what the affordability factor is when we calculate this wage.”
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Seems vague to me if I have questions about the economics of it
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what do you mean by
? what is vague
From what I can gather, it’s purely based on the claim that housing costs are at a certain level and so to reflect that we need a minimum wage that would pay something that would allow for home purchasing
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I have no idea what that would do to the market- does she?
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iF its a California issue, why change federal minimum wage to 7 times its current value?
It’s not only a California issue
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I mean if it’s a hack that allows people to become homeowners I’m down
I feel like my Uber eats is already astronomical, though
I think homeownership is about supply and demand. If you increase wages so much all you are going to do is drive up prices of homes. And you risk, as others have said, hyperinflation that can put the nations economy in a talespin.
YOu just cant increase everyones wages to 7 times what they were overnight.
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According to the U.S. Census Bureau, the homeownership rate in the US was 65.7% in 2023. This is a decline from 74% in 2010
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I have no problem increasing the federal minimum wage a bit. and if california wants to increase their state minimum wage, thats fine. But what you dont seem to be understanding is the astronomical increase shes asking for. Someone in Iowa making like 15,000 dollars a year, would suddenly have to be paid 104,000 dollars a year.
Edit: She should stick to California. IF she wants to destroy her state economy, let her have at it. Leave the rest of us alone.
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Many politicians don’t listen to their advisors or have bad ones.
Think about Erdogan in Turkey who has wrecked his economy and fired several heads of the central bank because he doesn’t like the numbers or their policies.
Former prime minister of the UK Lizz Truss had to quit because the financial markets turned against her policies. She clearly had bad advisors and didn’t understand economics at all.
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Yeah it’s like he’s throwing out some super ridiculous high number so he’ll say OK let’s settle on $16 an hour like New York City. And look at the cost of living in New York City
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Whoops, I got so wrapped up in the conversation, I did not even realize how far it had ventured into politics. 