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inflation rule (lemmy.blahaj.zone)

submitted 9 months ago by [email protected] to c/[email protected]

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[–] [email protected] 12 points 9 months ago* (last edited 9 months ago)

You're missing my point. The individual experience, while important and not something we should ignore, does not invalidate the now-decades worth of data we have that shows your original posture (raising min wage leads to increased cost of living) is incorrect.

Make no mistake: costs for staple goods have increased in that time and inequality and share of GDP that belongs to labor have gone to hell, but it's not because of minimum wages or in any way related to their increases. If you want to blame anyone blame runaway healthcare costs, consolidation and unenforced monopolization of business, the decoupling of labor efficiency and labor pay, globalization and automation increasing competition and depressing local wages...etc