A Boring Dystopia

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USA: The Minimum Wage Should Be $24 per Hour Not $7.25 (medium.com)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 4 months ago (1 children)

Right now I'm making a bit more than $24/hour and live in a low cost of living, rural area. I'm fortunate enough to have been blessed with inherited money after my father's passing and now have a paid off house and vehicle. My living expenses are low to say the least. I have ZERO debt, I invest 15% of my income and put 10% into savings, 25% goes towards "wants" and the rest goes to bills.

All of that said, there is absolutely NO WAY I would be able to save/invest/spend the percentages I do if I had to pay rent, or a mortgage, and a car payment on top of that. If I had kids it would be even worse. I literally cannot even imagine if I had to pay for a kid right now and I'm in a good spot financially speaking. I would be BARELY scraping by at my pay rate (reminder: I'm in a low cost of living rural area).

How can you POSSIBLY think $24/hr is too much money???

[–] [email protected] 1 points 4 months ago (1 children)

Because tons of workers are losing their jobs in California because of a twenty-hour minimum wage. If it was twenty-four, it would be even worse. That is a three-and-a-half times increase from what it is currently. As I said, it should go up, but it should not go up that much. Double it to $15.5 maybe. Most places i am aware of pay around that so it shouldnt spark a mass layoff.

[–] [email protected] 1 points 4 months ago* (last edited 4 months ago)

I promise you the companies that are now forced to pay $20/hr are more than capable of doing so. They're only laying off people in protest; it's purely for show. They must have at least 60 locations nationwide and be considered "fast food". These companies aren't broke. Starbucks for example, which just closed 7 stores in protest had a net income of $4.125 billion in 2023