The same time we've spent decades over pricing assets. We've used tens of millions of illegal immigrants to keep labor low. We use millions of foreign workers to make our stuff cheaper. All this so deflation keeps rates low and debt cheap.
Then along some a factor forcing countries to stand on their own two feet. We can't anymore in the US.
I don't blame Biden for this any more or less than Trump. Or Obama or GWB or Clinton or GHWB or Reagan. It goes back that far and it's bipartisan really.
attract labor from poor nations where that's still a windfall wage, and then let them work for that wage here (or closer to it). Most republicans, or any Americans really, don't realize just how dependent we are as a nation on the things we claim to despise the most.
Minimum wage isn't some arbitrary bar set either. The difference between average overall wages and minimum wage has never been as high as now. The minimum is kept low so some people (mostly immigrants or teenagers) can work for that wage (or near ir) and be content. It's also mainly intended for kids who have summer jobs, etc. because they still live with their parents and have no real major expenses. A minimum wage job is not intended (never has been) to provide a "living wage".
But it is kept there for a reason. I personally don't think there's any need for a minimum wage. Very few jobs, even "minimum wage jobs" pay it today. Almost all jobs now start higher than minimum wage. Having it there as a minimum means employers can attract many more people at $10/hr let's say, because they can always cite the fact they're paying more than they have to. Heck, government entitlements are higher than minimum wage. It's about as meaningless (and meaningful) as income tax brackets if you think about it. Tax brackets are meaningless as far as federal revenue is concerned. They are, though, very meaningful to bull#### liberal (mostly) politicians as a tool to make people think taxing the rich on income solves anything.
If you want judge someone's wealth by taxable income, then I'm richer than Jeff Bezos.
"In my Inaugural I laid down the simple proposition that nobody is going to starve in this country. It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living."
It's also mainly intended for kids who have summer jobs, etc. because they still live with their parents and have no real major expenses. A minimum wage job is not intended (never has been) to provide a "living wage".
Problem is the pandemic has exposed the weakness in that system. We rely on illegal immigrants here in the US to do stuff cheaper than Americans would do the same job. We rely on poor Chinese workers to make our iPhones cheaper too. All great for us. But when illegals stop coming into the US, and when China stops making iPhones for us, well, we're screwed. We hate China, but we gladly accept their labor to make our stuff cheaper. Is that not just a little concerning? We hate illegal immigrants taking American jobs, but if they didn't, would we be fine paying twice as much for construction, produce, processed meats, etc? Probably not.
Covid has attacked the pillars on which our economy has been built in the past 4 decades. And the inflation that was expected was due to supply chain issues. And that's a huge part. But I don't think people realize the other part of the labor problem, that long covid is causing. Everyone has a labor shortage these days, and everyone has inflation to some degree. And it doesn't matter if the country shut down, or stayed wide open. It doesn't matter if the government sent everyone checks, or not. It's universal.
Like him or not, Trump policies were doing a decent job decreasing illegal immigration, and we saw the first wage growth in a couple decades, partly from that.
That *should* have led to American citizens starting to fill the gaps due to the incentive of newly-higher wages, except for the fact that both Trump and. Biden bastardized the market by injecting covid stimulus payments and child credits simultaneously, leaving that labor pool satisfied with holding out longer for those jobs.