this post was submitted on 10 May 2024
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I fully believe this would cause runaway inflation as wages only went up and up as the majority of americans have more money and thus prices can be raised. This cycle would constantly repeat as raised prices cause a raise in wage until the american dollar is worthless and we're all making millions or billions of dollars a year which adjusted to inflation... is like today's $15/hr. Interest rates for loans would skyrocket to an unfathomable percentage as double digit inflation remains y/y.
The billionaires would quickly turn into trillionaires and quadrillionaires as their investments rise in price proportional to inflation.
Inflation is happening anyway... Prices keep going up and up regardless of whether pay increases enough for people to afford them
https://fortune.com/2023/05/30/inflation-worker-pay-not-a-major-cause-fed-study/
https://archive.riksbank.se/Upload/WorkingPapers/WP_159.pdf (PDF Warning)
https://www.upjohn.org/research-highlights/does-increasing-minimum-wage-lead-higher-prices
https://www.reddit.com/r/explainlikeimfive/comments/10rjsvn/eli5_how_does_raising_wages_worsen_inflation/
Please don't believe BS.