ohh it's just the number. then just inflate the money so the buying power becomes half and then everybody would be happy right. stupid me, i have heart that i was about a living wage and thought that you needed things that you buy to live. And i also thought that if you raised the number(to a given time) then you would also raise people's purchasing power. its apparently not like that, i will have to tell my workplace that i will not have any increase in my salary in the future, since it's just a number
And i also thought that if you raised the number(to a given time) then you would also raise people's purchasing power.
This obviously isn't the case since as you've pointed out, the purchasing power of the minimum wage has gone down even though the number has been consistently going up.
Why don't we do what FDR did, and make a ton of public works jobs like building bridges and highways?
It'd be a money waste America can't really afford atm. Time is for money saving not spending. The debt is way too huge for these kind of works, and doing that could uterly crash the government as well as the economy with it.
Australia = High minimum wage (13.2) Hong Kong = Low minimum wage (4.2)
Australian McDonalds - Touchscreen machines for ordering Hong Kong McDonalds - No touchscreen Machines
Can employees afford being paid only $10 an hour? Probably not. Is paying $10 an hour to employees a smart long term decision for McDonalds? Probably not.
A or B will increase the company's profit(for a while..), but then that will lead to higher unemployment rate, which will cause less people to buy McDonald(thus less profit, but before that the Western's economy will collapse).C is just increase the cost by 1 cent(right?).D is the most efficient solution.E is the least risky.F is abandon fiat currency and giving the employee food and drinks as wages
The Labor Bureau Statistics only include ppl who are seeking jobs. It does not include ppl who have quit looking for a job. Labor participation rate is much better than unemployment rate.
