Re:Minimum wage workers cannot afford rent in any U.S. state
by throwaway53457 on Thursday July 16, 2020 @08:31PM
(#23865593)
I wasn't looking at a single variable, I was looking at two. You're right of course. The problem is many of those things you're referring to (e.g. cost of living) is directly influenced by said supply. People aren't having families as much, but that means there's now an oversupply of expensive family homes.)
In a multivariable equation, you can't only look at one variable and call it a day.
How much has demand changed?
How much has the population of the USA grown?
How many immigrants has the US taken in?
How much more efficient is each marginal employee in a blue collar job now compared to then?
How well do USA exports compete with other countries?
How well does the USD exchange rate compete with the currencies of those other exporting countries?
How much have the average work benefits changed over the same period of time?
How much has the US cost of living grown?
What is the US labor participation rate?