Living wages
We are all rightfully concerned about the cost of gas, diesel, heating oil, food and housing. And everybody seems to be working on these issues. Young folks simply cannot afford to buy a “starter home” these days. Our parents, on much less income, could afford to buy a home. What has happened? Well, housing demand has exceeded supply is one way of looking at this. Another way of looking at this is that income has not kept up with the cost of living. Had workers’ wages kept up with productivity from 1970 to the present, their annual earnings would have been roughly $30,000 higher today.
People earning a living wage can afford to buy more, save more and participate in the economy more fully. Large businesses can afford to pay more in salaries. Small businesses may find it hard to increase wages. I know where I stand on this issue: increase the minimum wage. What that minimum wage should be, is a discussion we should have.