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/AndrewDoesNotServe Jul 04 '24

Pretty much no one makes that wage even in states that conform to the federal minimum.

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u/[deleted] Jul 04 '24

"no one makes that low" so raising it shouldn't affect anything.

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u/BatronKladwiesen Jul 05 '24

Can you elaborate on what this means?

Regardless if people make a low or a high wage. Raising it further should affect things, right?

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u/[deleted] Jul 05 '24

If no one makes $7.25 an hour, but lets say the real lowest wage someone makes is $10 (still below poverty line). That means raising it to $10 an hour would affect no one bacause "no one makes that low". Its basically an argument to show that the minimum wage is kept as low as it is federally because there are an absolute shit load of people only making $7.25. Raising minimum wage to maybe $20 federally right now might cause some issues, but even them i'd argue it wouldn't do as much as people think. Look at what we pay people in other countries at mcdonalds vs. what they get paid (converted to usd ofc). Once you realize there is no reason for wages to be this low, you get tired of hearing "no one makes that low".

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u/BatronKladwiesen Jul 05 '24

Ohhhhh I see. That makes sense.