Quote (Hizkuntza @ Feb 9 2021 09:14pm)
minimum wage does matter, as it's a redistribution of wealth to workers who earn at that ballpark. so while overall price level reacts to that the point is that these workers will have increased purchasing power relative to the rest of the population.
to an extent the loss of purchasing power is driven by stagnating minimum wages (in the US anyhow) and decline of unions that reduce the bargaining power of low and middle-income workers.
What you are saying is true but I still think raising the minimum wage is a simple cop out that does not solve the actual problem. That is why I get annoyed when that issue is always in focus and other aspects don't get the attention they deserve as a result.
I am in a union and it serves me well. I can making a living wage doing warehouse/heavy equipment operator work. That is not always the case for non-union jobs in a similar role.
Raising the minimum wage does not address the systemic problems. Under the current system it is inevitable that the divide between the have and have nots will increase exponentially.
I am pessimistic but to me it is just a way to shut everyone up and make it look like the little guy got a victory.
The very fabric of the system in place requires exploitation of both government and your fellow man to get ahead in most cases. Increasing minimum wage will not change that.