When people tell me the minimum wage doesn’t need to be raised because it’s enough to live on, I say that I lived on in the last time it was raised, over 10 years ago. It sucked then and the cost of living has only gone up. We must raise the minimum wage and tie it to inflation.
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The problem is that inflation is not properly calculated. By excluding thins that are “volatile” it underestimates the true impact to the average person.
You’re right. That has been a problem for Social Security cost of living adjustments. The formula needs to be updated.
