Is it just me or are young adults under the age of 25 just plain lazy?

Almost looks to me that minimum wage is one of the factors that drives inflation. Minimum wage goes up, businesses have to charge more to be profitable. Buying power of everyone above minimum wage drops, their wages increase, minimum wage is now inadequate again. Then the cycle continues.

 

It is absolutely like that. The same advocates for $15 are now saying $30 is the minimum. I used to tell you we could use a good mechanic down here. Now I'm thinking you might be better off where you're at!!!

Side note - have you ever watched this guy? He's got some pretty funny videos about Canada and her prime minister, Fidel Castro's son.

 

delete not worth it

 

FLSA was the law that created a national minimum wage. When instituted it had several increases built in, but automatic increases were 'lost in committee'. You're right it's a wedge issue that's used as a bargining chip. I find it interesting that the maximum political contribution is indexed to inflation, but the minimum wage is not. Says a lot

I think you'd agree with what he's saying. It's along the lines of "in the land of the blind, the one eyed man is king". People think they're being paid (or paying) a fair wage because they're making double the 'minimum wage', while in reality they're eeking out a subsistence income.

Bunch of inaccurate/incomplete analysis in your statement. Rising incomes almost always corresponds to overall GDP growth and higher productivity, but does not corelate to spikes in inflation. Income inequaility, however does correlate to rising inflation.

https://cep.lse.ac.uk/pubs/download/CP170.pdf
The impact of the minimum wage

 

Minimum wage increases do tend to have a modest impact on inflation, but its modest and gradual, not drastic or sudden, even when bumping it almost 1/3 in less than 5 years. The big drivers of inflated prices are actually large market shifts in consumer preferences, and bailouts for large companies and banks.

The money printer going "brrrrrrrr" since what? 2001 has been a huge driver. The thing is, individual people in the labor pool have 0 access to that.

I know a popular point of view is that the problem with giving people money to "not work" in the past 2 years is why we have current inflation. Thats just not accurate.

1. A. The employment/lack of workers is because unemployment is actually based on not having a job, this is called means testing, it IS accurately called a disincentive to work, if i used to make 30$/hr, in 2020, was told my job was nonessential and i could sit at home and get 20$/hr (equivalent) so long as i am unemployed, i'd have to be a moron to take a job at less than 25$ an hour, see cost of commute, childcare etc, min wage even at 15$/ hr cant fix this. The thing about unemployment is that you only get it if you arent working.

1. B. This plays weirdly with the opinion (false) that the stimulus payments to individuals (a limited term ubi) disincentivised people to work. Lets kill that idea, because if you WERE working, you got it, if you werent working you got it. Thats not a disincentive, thats an encouragement, free money while working is EXTRA money, not a reason to quit a job.

1.C. the direct payments to individuals came in at a total $ cost of 300B$... out of a 2.2 T$ handout to banks state govts and large corporations... lets say all 8% of the inflation this year is from that, then direct individual payments only account for 1/8 of that inflation.

Theres more ill get into but not just yet, gotta cook

 

I'm saying that insinuating minimum wage is for very few lowly employees misses the fact that many other wages, despite being above minimum are still tied to a depressingly low minimum wage.

 

So min wage:

Part 2

2.

Minimum wage increases do not drive inflation, if only 3% of people make min wage (someone else's quote), and they are definitionally the worst paid individuals, so how is it that raising THEIR wages can move the market that much?

Lets say 100% of the usa workforce (roughly 220 million) makes min wage, 7.25
On a 40 hr week, 0 overtime, 50 weeks

Thats 14,500/year each, 3.2 trillion dollars, the proposed 15$/hr min wage would just over double that to 6.6 trillion

That is the equivalent of the realistic 2020 cares act 1 ACTUAL BILL (3.6 T) (we must remember initial authorization was 2.2 trillion, but it grew to nearly 4 T, only for corporations and banks, never the individual) so you could expect 2.6 % inflation from exclusively increasing min wage every year (there were 3 rounds of stimulus)

But thats not the case, median us individual income in 2021 was 63k, thats 31.5/hr. No one really makes min wage, so why is it so low?

Because those that are actually on the bottom rungs of society cant even reach that bottom rung of the ladder.

Its literally set so that you could marry 4 sisterwives and you plus every single one of their 4 full time min wage jobs POOLED would only net you the median individual income.

Things ARE broken. And im not even a fan of raising the min wage, i actually favor removing it entirely, we are told by the actual lefties all the time that the scandinavians are the people to emulate, in many ways i agree, min wage is one, see their minimum statutory laws in wages, they dont exist, what they DO have is unions that collectively bargain for "reasonable" wages

 

It’s absolutely those decisions coupled with all the other dumb ones they make. They spend every penny they make on something unnecessary that they think makes them look a certain way while putting almost no effort towards being an adult, while at the same time blaming everyone and everything around them. (Where have we seen this take place in our history before……hmmm)

Young people have more opportunity now than anyone ever has. I would have killed for it. But I suffered and survived as most of us did while blaming no one else for the way things were.

 

In every generation there are plenty don't know how to deal with money. I have a younger millennial coworker that's making near 80k working long hours as a truck driver just like me and you. I have a house, he lives in his truck; I have a pickup truck and 3 motorcycles after 15 years, he has over leveraged to pickup truck and has purchased six motorcycles on credit in two and a half years. You don't have to make minimum wage to be stupid with money.

 

Using $63.000 as your medium, can you correlate that to population?