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Topic	"In 1935, the minimum hourly wage in the U.S. was set at 25¢.
Sackgurl 01/28/21 1:40:08 AM #79:	Demon1050 posted... The problem is if we bump it to 15 is the price of everything going to double from hyper-inflation? no, because inflation is a result of changes to the money supply and lending from central banks--not to the cost of labor. so now you can rest easy because someone told you that the answer to your question was no! what's that, you're still worried, because someone else told you the answer to your question was yes? anyone who tries to tell you that raising the minimum wage definitively causes inflation is lying. someone else gaining wealth is not devaluing your own because in the modern market economy, someone else is always gaining wealth faster than you, and either in (population) numbers or wealth quantity great enough to be of equal comparative consequence. as i can tell you've already stopped reading my post i'll just quickly note that that consequence value is zero. and since folks are posting random youtube nonsense i'll just go ahead and post sourced research from the bureau of labor which none of you will read except balrog0 because he probably has to cite it for his job already anyway. inflation is cyclical and tends not to link up very well with the growth of labor costs. the reason for this is that most shit you're buying is not tied to the cost of domestic labor, but of global labor. US companies' costs might be labor-driven, but US companies sell their products around the globe. https://www.bls.gov/opub/mlr/cwc/the-relationship-between-labor-costs-and-inflation-a-cyclical-viewpoint.pdf the folks who are concerned about unemployment rates have a better argument, but one would think they'd have been saying in the pre-covid era--when it was at an all time low--"hey, this would be a great time to raise the minimum wage!" and yet, when we had those conditions, crickets. as we recover from COVID we will bounce back and see unemployment numbers again drop to low levels. and it is for that environment that folks pushing for higher minimum wages are preparing. --- LittleBigPlanet is like merging dress-up with a real game. <cite>Sackgurl posted [p:950004600] in "In 1... [t:79247699]...</cite> <quote>Demon1050 posted... </cite> <quote>The problem is if we bump it to 15 is the price of everything going to double from hyper-inflation?</quote> no, because inflation is a result of changes to the money supply and lending from central banks--not to the cost of labor. so now you can rest easy because someone told you that the answer to your question was no! what's that, you're still worried, because someone else told you the answer to your question was yes? anyone who tries to tell you that raising the minimum wage definitively causes inflation is lying. someone else gaining wealth is not devaluing your own because in the modern market economy, someone else is always gaining wealth faster than you, and either in (population) numbers or wealth quantity great enough to be of equal comparative consequence. as i can tell you've already stopped reading my post i'll just quickly note that that consequence value is zero. and since folks are posting random youtube nonsense i'll just go ahead and post sourced research from the bureau of labor which none of you will read except balrog0 because he probably has to cite it for his job already anyway. inflation is cyclical and tends not to link up very well with the growth of labor costs. the reason for this is that most shit you're buying is not tied to the cost of domestic labor, but of global labor. US companies' costs might be labor-driven, but US companies sell their products around the globe. https://www.bls.gov/opub/mlr/cwc/the-relationship-between-labor-costs-and-inflation-a-cyclical-viewpoint.pdf the folks who are concerned about unemployment rates have a better argument, but one would think they'd have been saying in the pre-covid era--when it was at an all time low--"hey, this would be a great time to raise the minimum wage!" and yet, when we had those conditions, crickets. as we recover from COVID we will bounce back and see unemployment numbers again drop to low levels. and it is for that environment that folks pushing for higher minimum wages are preparing. --- LittleBigPlanet is like merging dress-up with a real game.</quote> ... Copied to Clipboard!
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