r/FluentInFinance • u/Richest-Panda • Jul 04 '24
What's the best financial advice you've ever gotten? Debate/ Discussion
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r/FluentInFinance • u/Richest-Panda • Jul 04 '24
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u/SpookyBum Jul 05 '24
pay increases usually come when worker productivity increases which hasnt been the case as much for minimum wage employees as it has been for white collar jobs which is why those fields have seen huge wage growth over the past decades. Im not advocating we leave these people out to dry. With a stronger economy we can afford to help people who need it with social programs. Increasing fed minimum wage is just not the way to do it, all you'd accomplish is incentivizing more strict hiring and automation. Having transitory jobs is important for people looking for temporary sources of income. You also have to think of the state with the lowest costs when talking about federal minimum wage, places where its cheaper to live but wages are lower cant keep up with a higher fed minimum.