the unfortunate truth is higher wages are a half measure. Once you raise wages, what does every tom dick and jane business owner do? raise their prices to match the increased wage. I’m not skilled enough in socioeconomics but the wage increase would need to be followed by a system protection of goods and services at the current value, which is already inflated.
One thought that could change this whole thing:
Paying higher wages.
It’s a crazy idea!
Right? It’s not covid. The media and Square are helping employers get away with shit wages.
the unfortunate truth is higher wages are a half measure. Once you raise wages, what does every tom dick and jane business owner do? raise their prices to match the increased wage. I’m not skilled enough in socioeconomics but the wage increase would need to be followed by a system protection of goods and services at the current value, which is already inflated.
Prices went up anyway. Minimum wage increases aren’t a permanent fix, of course.
But let’s do them anyway, and stop trying to predict the future.