this post was submitted on 10 May 2024
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If there's no corresponding regulation on rent prices, minimum wage is irrelevant.
Raise the minimum wage to a bazillion dollars? Great! Rent is now three hundred bajillion!
Raise the minimum wage to $25/hr, tie it to inflation... Use the $67billion a year spent on section 8 housing to build people houses which they end up owning, instead of shoveling all that money into slumlords' pockets. Flood the housing market with supply to keep the prices down, even as people are able to afford more.
I fully believe this would cause runaway inflation as wages only went up and up as the majority of americans have more money and thus prices can be raised. This cycle would constantly repeat as raised prices cause a raise in wage until the american dollar is worthless and we're all making millions or billions of dollars a year which adjusted to inflation... is like today's $15/hr. Interest rates for loans would skyrocket to an unfathomable percentage as double digit inflation remains y/y.
The billionaires would quickly turn into trillionaires and quadrillionaires as their investments rise in price proportional to inflation.
Inflation is happening anyway... Prices keep going up and up regardless of whether pay increases enough for people to afford them