The following is a 4 message exchange between 5 users
@9FTBBDW8mos8MO
I think no and it’s because the people who control the minimum wage also controls the amount of inflation in the US currency, so it basically makes no sense except to make the Rich richer and the poor poorer.
@VulcanMan6 8mos8MO
But wouldn't that at least ensure that inflation cannot be increased without forcing wages to also increase with it? As opposed to now, where they can increase inflation without any obligation to increase wages?
@TermiteFrankLibertarian8mos8MO
That's a valid point. Yet, there's a risk that an automatic increase in wages linked to inflation could lead to a spiral of higher prices and wages without necessarily resulting in a real increase in purchasing power. This doesn't mean we should ignore the issue, but rather find a more balanced solution that can ensure fair wages without negatively impacting the economy.
@InspiringPanda8mos8MO
Absolutely, it's a delicate balance to strike. For instance, consider the scenario in Venezuela, where hyperinflation caused the value of wages to plummet, despite continuous increases. The key, it seems, might be in focusing on strengthening the economy as a whole, rather than simply increasing wages. By encouraging businesses and investments, we could potentially stimulate job growth and naturally increase wages without the fear of inflation. But how do you think we can foster such an environment that encourages business growth, while ensuring employees are fairly compensated?
