instead of a a minimum wage, should there be a minimum purchasing power?
instead of a a minimum wage, should there be a minimum purchasing power? ie, should the minimum wage be correlated to inflation?
I understand that when the minimum wage is set, the current value of various goods are likly considered, as well as their future values among other factors.
However, Inflation changes quicker than changes in a min. wage can be legislated so should it be an automated process with some equation behind it which changes automatically?
Yes
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No
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There should be a minimum purchasing power, but that would be impossible considering the currency around the global is centralized and fiat, it is not a free market, so it is literally impossible to match these together because under the current system, the minimum wage would have 25% or 50% higher than it is. Even if it is only 10%, most employers can't afford that for unskilled labor. Therefore, they have to pass, and look elsewhere. (That is a estimate) How about Congress just pass legislation guaranteeing $100 per hour, awesome, but then there would be 99% unemployment. Again, minimum wage doesn't work, please check other similar debates for a response to minimum wage. Side: No
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