Yuritopiaposadism [none/use name]@hexbear.net to news@hexbear.netEnglish · 3 months ago"We see people are going to want to leave to go make $20 an hour."hexbear.netimagemessage-square68fedilinkarrow-up1192arrow-down10file-text
arrow-up1192arrow-down1image"We see people are going to want to leave to go make $20 an hour."hexbear.netYuritopiaposadism [none/use name]@hexbear.net to news@hexbear.netEnglish · 3 months agomessage-square68fedilinkfile-text
https://www.businessinsider.com/california-fast-food-20-minimum-wage-restaurant-raise-pay-compete-2024-4
minus-squareTowardsTheFuturelinkfedilinkEnglisharrow-up28·3 months agoIt’s been 7.25 since 2009. From a quick google it says rent increases (what actually matters to minimum wage employees, not CPI) have outpaced inflation at about 9% increase per year. So, going with that, 7.25(1.09)^15 is about $26.41.
minus-squareProletarianDictator [none/use name]@hexbear.netlinkfedilinkEnglisharrow-up2·edit-23 months agoYou need to add that 9% to the average rate of inflation, so this should actually be higher. Edit: 7.25(1 + .02 + .09)^15 = 30.28 Edit: Misread
It’s been 7.25 since 2009. From a quick google it says rent increases (what actually matters to minimum wage employees, not CPI) have outpaced inflation at about 9% increase per year. So, going with that, 7.25(1.09)^15 is about $26.41.
You need to add that 9% to the average rate of inflation, so this should actually be higher.
Edit: 7.25(1 + .02 + .09)^15 = 30.28 Edit: Misread