Unfortunately, the comic is simplistic. The issue has more facets:
1. For minimum wage today to equal the buying power of minimum wage in 1980, minimum wage in 2022 ought to be about $27 / hour.
2. Immigration, both legal and illegal suppresses the natural rate of wages. It leads to less capital formation per capita and thus keeps people poorer while enriching investors unduly.
3. Because of artificially low minimum wage, i.e., Congress mandated wage vs competitive market for wages, there is excessive malinvestment in the retail sector including in fast food restaurants. The economy that has resulted is one from distortion rather than from the hidden forces of competition.
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1. For minimum wage today to equal the buying power of minimum wage in 1980, minimum wage in 2022 ought to be about $27 / hour.
2. Immigration, both legal and illegal suppresses the natural rate of wages. It leads to less capital formation per capita and thus keeps people poorer while enriching investors unduly.
3. Because of artificially low minimum wage, i.e., Congress mandated wage vs competitive market for wages, there is excessive malinvestment in the retail sector including in fast food restaurants. The economy that has resulted is one from distortion rather than from the hidden forces of competition.
image.png
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@JohnGritt
Here is a challange.
Go to a fast foor/sweet shop, and just tell them to choose, what you'll get.
1/2... At least half of the times, these "independent minded people" cannot tell you "I like our hot chocolate" etc. They are worse then machines.
