So the least experienced people of voting age in the country approve of a president who is pumping an absolutely absurd amount of money into the economy which is leading us into a period of massive inflation. They have no idea how the economy works. When he raises the minimum wage to the highest it's ever been, they're going to rejoice like he is the savior of people of poverty. In the end, they'll be in the exact same position they were at in the first place because all it's going to do is match the inflation he's setting upon the country.
But he claims it won't cause inflation and that no one making under 400k will have their taxes raised.
If you believe that, you're an absolute fool.
No offense, but I find this idea to be quite absurd especially when that age range is the sought after group for the US military. If they have no idea how the US economy works then that's a failure on the part of the education system, but young voters are more aware than ever before.
Aloso I don't understand what you mean by the highest it's ever been while also speaking of inflation? Does inflation not factor when it comes to raising the minimum wage?
Lets use my state as an example.
The Louisiana minimum wage was last changed in 2008, when it was raised $0.70 from $6.55 to $7.25. The federal rate has not changed since 2009. All exemptions in the Louisiana state minimum wage mirror the exemptions under the federal Fair Labor Standards Act (FLSA).
At that time average of that seventy cent raise in 2008, the average one bedroom here in New Orleans cost $846. If you look at the median cost before Covid hit... the average rent for a one bedroom was over $1,500.
https://www.zumper.com/rent-research/new-orleans-la
So with minimum wage staying the same we see a drastic increase in rent alone. Inflation is very real, but cost of living has been inflating at an insane rate, cost of healthcare and education are astronomical, so even excluding all of those issues. Let us look alone at what $15 means.I think you'll find this fascinating considering you bring up inflation.
https://www.in2013dollars.com/us/inflation/1970?amount=15
Look at the buying power of $15 since 1970 to now. Hell look at tuition increases alone.
- Tuition for 1987-1988: $3,190
- Tuition for 1997-1998: $4,740
- Tuition for 2007-2008: $7,280
- Tuition for 2017-2018: $9,970
That's factored with the inflation for 2018. So you talk about not understanding economics, but younger voters see a harsh reality ahead of them, there is a huge connection between suicide and debt. Those that die of suicide are eight times more likely to be in debt. I suggest this incredible piece.
https://pubmed.ncbi.nlm.nih.gov/24121465/
So you can call them idealistic for a future, but you're idealistic for a reality that doesn't exist anymore and can never exist without drastic changes. You should be careful of who you call a fool my friend, because one shouldn't throw stones, especially with the glass housing market being what it is.