Re:When Henry Ford Doubled His Minimum Wage (2014)
by Consultant32452 on Thursday May 02, 2019 @10:24AM
(#19808195)
The production cost of a McBurger may only go up 4%, but the consumer price of goods is also significantly dependant on how much money is in consumer's hands. If you just hand everyone in the country $500/mo, rent is going up everywhere.
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Re:When Henry Ford Doubled His Minimum Wage (2014)
by isostatic on Thursday May 02, 2019 @10:48AM
(#19808456)
Which is what happened when families started having 2 full time high wage earners.
Both rent and house prices shot up. Those who owned houses profited massively from the unearned wealth increase. Those renting suffered.
We're now in a situation where everyone needs 2 full time high wage earners to pay for the same housing and lifestyle that used to be done by 1 full time high wage and perhaps 1 part time low wage
Re:When Henry Ford Doubled His Minimum Wage (2014)
by jimmaswell on Thursday May 02, 2019 @11:22AM
(#19808810)
Only <4% of people make the federal minimum wage. Couldn't find stats on state minimum wage earners but it's still probably not so much that rent would be hugely impacted.
Not to mention, rent control is a good idea in addition, or finding ways to make homeownership more in-reach for more people.
Re:When Henry Ford Doubled His Minimum Wage (2014)
by Consultant32452 on Thursday May 02, 2019 @02:31PM
(#19811020)
Rent wasn't intended to mean literally just rent. You'd need price controls on everything, which is historically a terrible idea.