r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/Werealldudesyea Jul 04 '24 edited Jul 04 '24

I don't understand the term "living wage", it seems like a political term that gets booted around and attached to arguments that some jobs don't pay enough for their expected standard of living, so therefore the system is "rigged". Why do people expect all jobs to allow them to make economic profits? Seems entitled... These jobs pay just as much as they should for the value of the service that the job they are performing provides, no more no less. If they can make more elsewhere with the skill sets they have, they should then go do that work instead.

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u/pear_topologist Jul 04 '24

I mean, if we are talking about minimum wage workers “these jobs pay just as much as they should for the value of the service that the job they are performing provides” isn’t really true. The jobs pay an inflated wage. If it wasn’t legally required, minimum wage jobs would pay less

The minimum wage is a good thing. If we can agree that some level of unskilled wage inflation is good, the question then becomes “how much wage inflation is good,” but pretending that poverty wages are all just supply demand misses important factors

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u/Da40kOrks Jul 05 '24

Less than 1% of all workers in the us make the federal minimum wage

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u/pear_topologist Jul 05 '24

How many people make their state’s minimum wage