Side Hustle Ideas

[myrdale]

i just don't get why the minimum wage isn't tied to inflation like SS. Why not take away the political argument?

It is. Every time the minimum wage is increased, inflation will grow to match.

If the owner of a burger joint has to pay $15 per hour instead of $8 per hour, that price increase will be passed on to the customer in the form of higher prices.

We now live in a world where he can fire two of the cashiers and install an AI order taker. Minimum wage laws hurt the unskilled and uneducated.

I am personally of the opinion that the minimum wage laws should be abolished. Let the people decide what their labor is worth.

[disneysteve]

It is. Every time the minimum wage is increased, inflation will grow to match.

The Federal minimum wage has been $7.25 since July 24, 2009.

Are you saying there's been zero inflation for the past 15 years since the minimum wage hasn't changed?

[myrdale]

The Federal minimum wage has been $7.25 since July 24, 2009.

Are you saying there's been zero inflation for the past 15 years since the minimum wage hasn't changed?

No.

[LivingAlmostLarge]

It is. Every time the minimum wage is increased, inflation will grow to match.

If the owner of a burger joint has to pay $15 per hour instead of $8 per hour, that price increase will be passed on to the customer in the form of higher prices.

We now live in a world where he can fire two of the cashiers and install an AI order taker. Minimum wage laws hurt the unskilled and uneducated.

I am personally of the opinion that the minimum wage laws should be abolished. Let the people decide what their labor is worth.

Until recently the inflation has been like 2.59%. In fact they even said it's averaged out to 2.5% inflation. That doesn't seem crazy. And if you can inflate SS why not the minimum wage?

The idea of abolishing the minimum wage will hurt those who need it the most.

[Fishindude77]

Until recently the inflation has been like 2.59%. In fact they even said it's averaged out to 2.5% inflation. That doesn't seem crazy. And if you can inflate SS why not the minimum wage?
The idea of abolishing the minimum wage will hurt those who need it the most.

The minimum wage in my state is $7.25 per hour. It's really not a factor because you'd be hard pressed to find someone working so cheaply. Outfits like MacDonalds advertise $15-19/hr on window posters. I don't think anyone (around here) could legitimately argue that they are being held down by a minimum wage job when there are so many job openings at much higher wages.

Regarding inflating SS payments referred to as cost of living adjustments, I find this pretty ridiculous. I feel like when you retire and sign up for SS, whatever that amount is should be the amount until death.
It was never intended to provide anyone's sole retirement income, it was meant to be a helpful supplement. With our country in such dire financial condition, giving cost of living increases to retired folks seems pretty dumb.

[ua_guy]

The minimum wage in my state is $7.25 per hour. It's really not a factor because you'd be hard pressed to find someone working so cheaply. Outfits like MacDonalds advertise $15-19/hr on window posters. I don't think anyone (around here) could legitimately argue that they are being held down by a minimum wage job when there are so many job openings at much higher wages.

Regarding inflating SS payments referred to as cost of living adjustments, I find this pretty ridiculous. I feel like when you retire and sign up for SS, whatever that amount is should be the amount until death.
It was never intended to provide anyone's sole retirement income, it was meant to be a helpful supplement. With our country in such dire financial condition, giving cost of living increases to retired folks seems pretty dumb.

Yeah there's a whole lot wrong with Social Security. It was actually meant to be a basic safety net, and for that reason, it actually does need to keep pace with the cost of living/inflation at some level. Yet it gets used as supplemental income for many in retirement, even by the well-off. The contribution limits are too low, the ability for congress to borrow its funds are too lax, and it needs a long term solvency plan.