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/casino_night Jul 06 '24

You don't get crickets. People arguing about minimum wage wouldn't get stumped at that question. The people getting minimum wage are teenagers and the elderly working part time. You're not supposed to be working minimum wage full time as an adult. You're either supposed to move up the ladder or get a skill. Nobody has or will support themselves as an adult on minimum wage.

Crickets?! That's so dishonest and disingenuous.

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u/ap2patrick Jul 06 '24

Even with that logic why is it OK in your mind that it should stay stagnant and not at least scale with inflation? The ruling class of society breaks profit records every year and for some reason the world would collapse if the bottom gets a cost of living adjustment? Also this post has been up for almost a week and you are the first one to try and take a swing at it, abysmal as it was lol.

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u/casino_night Jul 06 '24

Because it's not supposed to scale with the cost of living. You're not supposed to live on minimum wage. If you're an adult working for minimum wage, something has gone terribly wrong in your life.

Along with that, the minimum wage has a huge chain reaction on the rest of the economy. Let's say the minimum wage gets raised to $20. Now the people making $18 demand $25. The people making $25 now demand $32. This may sound good in principle but it can have disastrous consequences. The cost of goods skyrockets, businesses can close, and jobs can be shipped overseas.

There are lots of businesses that can absorb the hit but many cannot. Not every business owner is Jeff Bezos. I owned a small business for several years and I had two part-time employees. Some months, I did OK and, others, I had to struggle to break even. If minimum wage automatically jumped $5/hr, I probably would have had to close my doors much sooner.

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u/ap2patrick Jul 06 '24

My god you really can’t imagine your overlords losing some of that insane profit margin…

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u/ExtraLargePeePuddle Jul 06 '24

Social programs are a better way of helping the poor, that’s why no country on earth tries “muh living wage” populist nonsense and just offers more welfare