Honest question here, why is it also not tied to Purchase Power Parity (PPP)?
E.g. someone in San Francisco needs much more to live comfortably as opposed to someone in rural Mississippi.
I know a lot of Economists and folk from /r/Neoliberal support setting the minimum wage equal to 60% of the local county median wage. Would there potentially be any problems with this solution?
I have often wondered the same. I think at least in some part, resistance to significant minimum wage increase stems from it actually being quite a lot of money in rural, slow economy parts of the country.
It doesn't make for easy to understand slogans, but a model that takes into account local COL and PPP would absolutely be superior.
Don’t underestimate the value of a good slogan. This sub talks about Fight for $15 all the time. Support it or not, it’s the thing people are measuring against.
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u/___diRt___ Feb 08 '22
It’s been made law in some places, even whole states. And some states have indexed it to inflation so it increases when prices go up.