this post was submitted on 23 Sep 2024
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$15 is old news, $25 is what I say these days.
They’ll get you there by 2035 when the cost of living is close to $50 wages
Bold of you to think it will be any higher in 2035 than it is now.
7.25 federal, jobs offering 7.25-50 on indeed and paying $15
Are you aware that that would be more than double what the (inflation-adjusted, of course) minimum wage has ever been in US history?
Yes, American workers have been underpaid for the country's entire history. $25 sets the wage increase in line with productivity increases since the 1970s, when wages and productivity decoupled.
TL;DR: The EPI graph isn’t measuring productivity vs. pay, even for "typical workers"; it’s measuring wage inequality, and images like these are the visual equivalent of out-of-context half-truth soundbites:
https://www.reddit.com/r/badeconomics/comments/6rtoh4/productivity_pay_gap_in_epi_we_trust/
Economists aren't serious people, they're priests who worship their idealized version of the market.