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this post was submitted on 12 Jul 2024
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But is it really progress, or did the price of everything jack up an it has come down just a bit because companys are finally getting the blowback they deserve as consumers reduce spending?
Yes, that's progress.
While that is a better trajectory, I do kind of have the mildly pessimistic view that a large part of the costs of good going down isn't truly a positive sign for inflation, but the market forcing prices down due to decreased spending. I'm luckily in a decent position financially (my bills are paid, rent, while not cheap, is paid on time), but the cost of pretty much everything has become so much higher with not much of an increase in earning. If the minimum wage were forced up it would probably help, but idk, every person I've talked (in person) about the issue with is pretty negative about the issue.
Minimum wage has seen positive movement in 2024, granted not everywhere. And a federal would definitely help.
https://www.epi.org/blog/twenty-two-states-will-increase-their-minimum-wages-on-january-1-raising-pay-for-nearly-10-million-workers/
The problem is we've had huge inflation for a long time now. Itstacks and accrues and gets compounded, and wages just arent keeping up.
Minimum wage went to 7.25 BEFORE the 08 housing crisis.