DAILYKENN.com -- Let's say Bob works at McDonalds. He earns $7.50 per hour. For that he can buy one super-sized Happy Meal (if such existed).
One hour of work equal one super-sized Happy Meal.
Due to government overreach, Bob's wages increase to $15 per hour. To maintain profitability, McDonalds increases the cost of its super-sized Happy Meal to $15.
One hour of work still equals one super-size Happy Meal.
Does that seem a bit of an exaggeration?
Consider this: In 1962 my dad earned $5.00 per hour. He bought a new Chevy for $3,000.
600 hours of work equaled one new Chevy station wagon.
Today a new Chevrolet Equinox cost about $27,645.
600 hours of work equals one new Chevy Equinox.
That assumes the purchaser earns $41 per hour.
My dad earned slightly more than twice the average medium income in 1962.
The medium household income in 1962 was $6,000.
The median household income in 2015 was $55,775.
Income rose 929 percent.
The cost of a new Chevy rose 922 percent.
In other words, an increased income does not necessarily mean one will receive more stuff per hour worked.
According to freebeacon.com:
Minimum wage increases over the next several years will result in 1.8 million job losses, according to a report from the American Action Forum. By July of this year, 22 states and the District of Columbia will have implemented minimum wage increases. In just 2017 alone, wage increases will lead to 383,000 job losses.
Bob's solution to getting more stuff per hour worked is to find work that is worth more stuff.
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