Forget $15 an Hour — the Minimum Wage Should Be $24

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15 dollars already ended up DOA. Lets raise it even higher. Surely that will work.


That’s a false equivalence. If the productivity level has been rising overall, it doesn’t necessarily mean that the productivity of minimum wage workers is rising at the same pace. I would argue that the productivity increase can be mostly attributed to knowledge workers, of which none has worked on minimum wage.


But the economy isn’t more productive than it used to be. Simply buying treasuries and sending all of that newly created money into the stock market and providing liquidity to financial institutions isn’t creating production. It’s just inflating asset prices snd driving inflation. Increasing the minimum wage won’t fix that; it will only further drive up prices of goods and services.


Using CPI inflation, the peak 1968 minimum wage of $1.60 would be ~$12.25 in 2021 dollars. Anyone from a LCOL state care to comment what kind of standard of living that would achieve on a full-time basis? I think I buy $15. It’s not that far off from the inflation value. I just think that regular increases by some predictable metric should be mandatory.


There’s this thing called entry level jobs, and every time you raise the minimum wage you lose them.