There is also deeper nuance to consider, like the fact that essential goods such as grocery items have been inflating much faster than other markets, especially in most recent years.
You're right, I missed that in haste. I do think it's still worthwhile to consider the minimum wage since it applies direct upward pressure on other hourly wages, and the question is "how many Americans are effectively broke." The purchasing power of the absolute average American doesn't really answer that question with growing wealth inequality.
>You're right, I missed that in haste. I do think it's still worthwhile to consider the minimum wage since it applies direct upward pressure on other hourly wages
That's all true, but is there any reason why we should take the minimum wage seriously when we have median wage data, and only 1.5% of Americans are on the federal minimum wage? Clearly it's not a representative number at all.
>the question is "how many Americans are effectively broke." The purchasing power of the absolute average American doesn't really answer that question with growing wealth inequality.
Why don't you present your statistics then? Also, "broke" =/= "wealth inequality", unless you subscribe to the view that living in 1400s like conditions is not "broke" if everyone else is also equally poor.
Pointing out the points raised is hardly "conceding" when the points are of very little relevance to the claim of "Americans are broke", nor does it rebut the claim of "inflation adjusted wages have been creeping up in the last decade". It's not contradictory to admit that minimum wages have effects on economy wide wages, but also claim that wages have been creeping up.
Were you planning to actually contribute something to the conversation, in terms of a counterpoint with additional data to consider? Or just be an aggressive naysayer?
There is also deeper nuance to consider, like the fact that essential goods such as grocery items have been inflating much faster than other markets, especially in most recent years.