Quote:
Originally Posted by LuxoM3
So minimum wage aside, the actual argument for minimum wage is a "living wage"...
I live near San Francisco. They did a study on what a livable wage was for San Francisco. The result?
$50+/hour or a $100,000 salary... to afford food and rent and occasionally eat out and take a small vacation.
And we actually have politicians out here (Barbara Lee) who is pushing for a $50 "living wage" because "businesses can afford it."
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And of course this is a static analysis. The dynamic is once a “living wage” is achieved, all wages rise and prices inflate. So housing once again becomes unaffordable for those at the bottom. The dynamic effects are not uniform; some do better and some worse. But raising the minimum wage does not improve affordability after the economy adjusts.