This autumn Starmer and Co will push up the minimum wage and increase public sector wages. The inevitable result will be a jump in inflation and a rise in interest rates (as I long ago predicted).
Admittedly, I don’t know what the situation is in the UK with their minimum wage, but shouldn’t the minimum wage at least KEEP UP kinda close to inflation? In the US, at least in terms of FEDERAL minimum wage, that ain’t been the case. Going by when I personally entered the workforce, back in 1996, US federal minimum wage was $4.75 an hour. Plugging that into the good ol “inflation calculator” that works out to $9.51 in “2024 dollars.” Now in 2024 US federal minimum wage is $7.25. So, if you work backwards, it’s like if in 1996 they made minimum wage $3.62. Granted, though, many states have minimum wages set higher than that, but there’s still a good amount where it’s just $7.25 still.
So, I did some more calculations, and if you’re making that, working 40 hours a week, if you’re just one person with no children or anything, you’re coming out a good bit below the official US “poverty level.” I’m sure a lot of conservatives would disagree with me, but I think that’s kinda fucked up.
*drops mic, gets off the soapbox* lol