You will often hear arguments over the minimum wage in an inflationary environment. Some argue that higher prices mean people need to be paid more. And other argue that higher pay for employees will push up the prices of goods and services, like $16 cheeseburgers. But when states lock in minimum wages, one thing is certain: prices may stabilize, but it will be a lot harder for them to go back down. Like a ratchet, price floors lock the economy out of declining prices. This year, twenty-two states will raise their minimum wage. You can see the increases on the map below from the Economic Policy Institute:
Action Line: Most of the states raising minimum wages already have high living costs, and many of them already have high minimum wages. Which came first? If you’re living in a high-cost state where politicians seem intent on taking every penny, it may be time to look for a better America. Begin your search with Your Survival Guy’s recently released 2024 Super States. Then, click here to subscribe to my free monthly Survive & Thrive letter.
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- Revisiting Rich Man, Poor Man - May 13, 2024
- Dick Young to Your Survival Guy: “Diversification Is Discipline” - May 13, 2024
- PANOPTICON: Is the Government Using Your Car to Track You? - May 13, 2024
- Your Survival Guy Forgot His Razor - May 10, 2024
- Get Everything You Want with Concierge Service, from Sig Sauer - May 10, 2024