Exactly, which is the part economists are conveniently forgetting. People will start to wake up and demand more, and economists are hoping they demand too little too late to matter.
Remember the “Fight for 15”? It’s stupid, but the establishment didn’t care about it because they knew it wasn’t high enough to affect their bottom line. It tells anyone that 15 dollars/hr is throwaway money to these guys, and if you want to beat inflation you better be earning at least double that.
The big problem is, if wages are actually going to increase you'll get a vicious cycle of runaway inflation.
Companies pass cost of higher wages on to consumers > prices rise > more inflation > demands for even higher wages.
Exactly, which is the part economists are conveniently forgetting. People will start to wake up and demand more, and economists are hoping they demand too little too late to matter.
Remember the “Fight for 15”? It’s stupid, but the establishment didn’t care about it because they knew it wasn’t high enough to affect their bottom line. It tells anyone that 15 dollars/hr is throwaway money to these guys, and if you want to beat inflation you better be earning at least double that.
you know things are fucked when mcdonalds is offering over 20 bux an hour to start