It’s as if today’s government is intentionally depressing worker wages.
TLDR: Minimum wage is at poverty levels, recent interest rate hikes are to halt wage growth, rail road workers forced to accept deal preferable to big businesses
- Since 1937 when the act was passed, Minimum Wage is supposed to be a living wage.
Minimum wage was set as a living wage during your grandparents’ or great grandparents’ days of work.
Why would government go to the trouble of creating a minimum wage for high schoolers?
It didn’t:
https://www.dol.gov/general/aboutdol/history/flsa1938
And yet, minimum wage is at poverty level.
- The Fed continues to raise interest rates because workers’ wages are too high, but refuses to consider price controls on record corporate profits.
We’ve had government price controls last century to deal with recessions but today’s government only looks at reigning in worker wage gains.
Fed Officials have warned that wage growth will need to slow to combat high inflation:
- The government forced railroad workers to accept the deal that was preferable to big business, when railroads had $24 billion in profits. (read a recent news story if this is news to you.)