(06-08-2022, 09:16 AM)The Drifter Wrote: Found this on my FB Feed: If you make $15 an hour, you bring home on average, $9 per hour after taxes and insurance. Most people work 40 hours per week, and according to the department of Energy, Americans purchase 40 gallons of gas a week minimum. This means after you pay for gas each week, you bring home $4 an hour. Anyone that makes minimum wage, is only paying for gas, that's it. When everyone voted for Biden because he promised wages of $15 an hour, did you think things like gas would stay at $2 per gallon. You now make less money today than you did 2 years ago, and if you make minimum wage, in another few weeks, you will start to pay to go to work Congratulations, your uneducated vote has lowered your household net income.

The math doesn't add up.  Taxes aren't actually that high, people don't actually buy that much gas, Biden hasn't actually increased the minimum wage, etc.

But yes increasing the minimum wage is one of the strongest inflationary things government can do.  Covid created a scarcity of people willing to show up to work, wages went up, so prices went up, which sparks a fire that has caught some of the monetary fuel that was built up since the Bush tax cuts on fire. Fortunately the fuel is more like wood than solid rocket fuel so there is a chance for wise policy to stop this before its all on fire.

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