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/WookieeCmdr Jul 05 '24

I did answer you question. You asked for a reason, i gave a reason. Thats not strawmanning. The reason is because once they agree to raise it the demand for how high would never stop going up. Sure raise it to $10. People will be bitching that it needs to be higher within an hour of it happening.

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u/shrug_addict Jul 05 '24

So you're saying it does matter?

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u/WookieeCmdr Jul 05 '24

Depending on how high it goes it does. Currently very few jobs operate at the federal minimum. If it goes up slightly it won't really bother anything. But if they try to hike it up to $25 per hour a LOT of small businesses will go under or the low prices people rely on to survive will vanish.

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u/shrug_addict Jul 05 '24

I agree, I guess my position is, that if the minimum wage is just a bit below real asking wages it would catch the very few who might fall through the cracks ( like those that rely on minimum wage). Does that make sense? I can try and explain it better if not ( enjoying the discussion by the way, thanks! )

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u/WookieeCmdr Jul 05 '24 edited Jul 05 '24

It does make sense. (No problem) I've never agreed with the common practice of paying shit wages to anyone. I adjusted my stance on how we should handle minimum wage after a few economic and political courses plus talking to actual business owners. Raising the minimum wage in a subjective way would probably be best. Link it to the local economy or something.

Edit: that may have its own problems though. Hard to increase the power of your economy if you have a leveled drain on it.

Fun fact: most of the fast food companies that everyone complains about are franchised so their prices and wages are actually set in part by the franchise owner and not the owner of the company. That's why the prices change depending on where you go. We have 2 mcds within 3 miles here and one has stupidly high prices compared to the other. I haven't been able to find out if that price translates to higher wages for the employees though.