if you had a ten dollar minimum wage, the next year it would be 10.12.

Then again most economists say aslong as the economy stays good then we can keep raising the debt which isn’t a good idea IMO because when the economy goes bad which inevitably it will then we fucked

and that would essentially just keep people at the same income level they were at anyway

Raising Debt is bad. We should try and stay out of debt because then our economic value is higher.

At least thats the way I see it

Most economists don't say that. They say we can raise our debt, as long as it stays below our total economy. Right now that's not true

Right now our debt is greater than our economy

which is bad, and the economists say it's bad

Agreed, it’s a problem

Idk my teacher told me that last year so imma assume most economist actually think that because it seems like they actually think that

Economists don't make economic policy unfortunately

And your teacher being a nitwit doesn't make economists idiots

IMO a raising debt means we have to pay more taxes in an attempt to keep up with the debt and more taxes is never good

Eventually it will get to a point where we will have to borrow to keep paying the interest on our debt

which will be funny

anyway

Now that the economic debate is settled

I think we are at that point tbh

I'm going to head off to bed

Goodnight

Not yet. I'm actually watching the situation

It would help millions of people and long term it would create jobs with innovation. The problem I see is businesses having increased labor costs which will force them to cut hours, fire people, and raise prices

Short term matters as well in this scenario

Minimum wage was made to be a starting point. The longer you work the more you’ll end up earning so minimum wage is a starting point

This is only true in a situation where you raise the minimum wage by a large ammount in a short time. A hike up from 10 to fifteen for instance. A twelve cent increase in the hourly wage would lead to about a $250 raise in a single employee's annual salary

Interesting

Which is basically nothing

@VulpesVulpes
I’m definitely for your plan of tied minimum wage and inflation, but not now. Businesses are struggling due to Covid and it would worsen unemployment and close more small businesses. Give it another couple years and I’d be onboard

Oh certainly, this isn't the time to be applying any more restrictions onto small businesses

It’s true if businesses are already on their last legs due to, idk, a global pandemic

I think the best course of action is to lower the minimum wage so more people gets employed

Alright, in that case, I think we might agree more than we disagree

Even in a 'on your last legs situation' a couple hundred dollar increase in an annual salary is basically a rounding error

Bad plan

I mean, good intentions

Not by much

but bad plan

No, terrible. Too many people live off of that

Once you've raised a minimum wage, you shouldn't lower it.

It's sort of the problem with minimum wages

If I got a pay cut rn I'd be kinda hosed

True but minimum wages was made to be a starting point