>I mean, have you seen how much pay has gone up in low-skilled jobs? There are signs at all the local businesses in my area offering $15+ an hour for cashiers and fry cooks and whatnot. The same kind of jobs I worked 7-8 years ago for $8 an hour. They are taking advantage of supply and demand to force jobs to pay them a closer-to-fair wage, instead of selling their time for less than it's worth and perpetuating the problem indefinitely.
Those jobs also result in products being more costly, so that the current low end wages are actually lower nominal value.
I find people using terms like "fair wage" end up making wishes and policies that end up hurting the poor, not helping them, by not understanding economics.
Fair is what a person can command from competing for jobs, and jobs competing for workers. Anything else ends up unsustainable, which usually ends up hurting the least able workers.
Mandating wages leads to lower employment - so sure you can help some by pricing others out of work.
>To be fair, I do agree that on an individual level there are tons of people screwing themselves over and messing up their lives, being a burdon on their parents or whoever ends up supporting them financially, etc.
Agreed - but who it will hurt the most is future workers, including them, as the economy is not as good and then there are less resources for everyone, including them. Of course they will continue to blame a "system" when they got what they earned.
>I do think we've seen the curve move towards it's lower end recently
Total remuneration, even at the low end, is higher than nearly all of history. And post-tax transfer it's much higher.
For example, the lowest 20% of households saw their post-tax income go from $18,900 in 1979 to $32,800 in 2018 [1], and that's not even including that households on average have shrunk in size. Per worker the returns are even higher.
A good analogy: if you tell kids that blue eyed kids are the devil, they will act like it, pass laws, and believe it. If you tell people immigrants are killing them or taking jobs, people start to believe it, and enact laws that hurt all. Similarly, if you tell enough people how bad the economy is, regardless of solid evidence, they will act like it, and in the case of an economy, they bring the doom to pass.
>I can't see any reason to blame all individuals within an entire generation
I wouldn't blame them all. But if enough act a way to make their economic outcomes worse, then all of them will suffer over time. And they'll take others along for the ride.
[1] https://www.taxpolicycenter.org/statistics/historical-income...