Minimum Wage

[cougnix]

You guys are absolutely no fun at all. Stop agreeing with each other.

Where the hell is the 75%? Silly 25%'ers.

The NDL is rich!!!!

We dont worry bout no minimum wage.

Or we are in the middle and don't want to become the lower half...

[ReignOnU]

https://finance.yahoo.com/news/15-minim ... 03314.html

Over 5yrs since I posted this topic and here we go again... the linked CBO info seems to support that raising the wage is a positive thing, but acknowledges risk. 17m get pay increases, up to 3.7m lose their jobs. (There's argument that it's more like 1.3m)

I spent a good amount of time from 2012 - 2017 dealing with minimum wage (and healthcare) related finances. If we go to a national minimum wage of $15 per hour, it will end up in a massive change to how we live. With better logistics, Amazon, and more focus on efficiency, we've already seen major hits (look at your malls and local small businesses).

While I'm in a place now where this really doesn't impact me, it still drives me crazy when I see this idea pushed. It's just another example or pushing an agenda for something that sounds great, but hasn't been well thought out.

[dakshdar]

Tangentially related - when the movie business talks about how much money a movie makes they talk about it in 2019 dollars, or the dollar value in this current year when the movie is released. Since movie tickets cost more every year, this puts movies on a relative scale to each other when it would otherwise be difficult to determine whether a movie that came out 20 years ago "made" as much as a movie today.

You can do this with minimum wage as well - current federal minimum wage is $7.25. In 1968, the federal minimum wage was about $1.60 an hour. But based on the current value of the dollar, this would equate to someone making nearly $11 an hour today. That's the peak "value" point for federal minimum wage.

How does 1968 in general compare to 2011? - can't find 2019 at the moment, easiest info is 2011, federal minimum wage was the same in 2011 as it is today

1968
Average Cost of new house $14,950.00
Average Income per year $7,850.00
Average Monthly Rent $130.00
Gas per Gallon 34 cents
Average Cost of a new car $2,822.00
Movie Ticket$1.50
The Federal Hourly Minimum Wage is $1.60 an hour

2011
Average Cost of New House $262,260.00 (17.5x higher)
Average Yearly Wages $40,925.00 (5.2x higher)
Average Monthly Rent $964 (7.4x higher)
Cost of a gallon of Gas $3.52 (~10x higher)
Average Cost of a new car $25,500 (9x higher)
Move Ticket $8.20 (5.5x higher)
The Federal Hourly Minimum Wage is $7.25 an hour (4.5x higher)

So, minimum wage has changed by about what the average salaries in the country have changed yet only going to a movie is a similar cost increase while everything else far outstrips it in terms of the increase. The other ridiculous stat here has to be the cost of a house being 2 years average salary in 1968 to nearly 7 years average salary in modern times. Bonkers.

[Weasel]

Access to loans and debt is nutso. I have colleagues that used their student loans as blank checks and racked up the debt with the intention of paying it off over 30 years. 30!!!!!!!

[nick]

Gahahahahahah I wish a house in Toronto was 250k on average..we have 14/hr min wage here tho.