The Consumer Price Index has increased 5% over the last 12 months, the fastest pace of inflation since August 2008, according to a Department of Labor report.
The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.6% between April and May, according to the Labor Department report released Thursday morning. Economists projected that the CPI increased by 0.5% and 4.7% over the 12-month period ending in May, according to The Wall Street Journal.
If Joe Biden gets his way, the federal minimum wage will soon more than double, from the current $7.25 to $15 per hour. To quote our commander in chief, “if you work for less than $15 an hour and work 40 hours a week, you’re living in poverty.”
To rehash the minimum wage debate would be redundant. Anyone with business experience should see what’s going to happen. Many small independent businesses, retail stores, and restaurants that pay minimum wage will go under.
Meanwhile, major corporate chains will automate, shedding workers and raising prices, consolidating their grip on every market sector where they’re active. Unionized government workers will automatically get raises because their wages are indexed to the minimum wage—putting even more pressure on government budgets and taxpayers. People in the private sector who have spent decades learning a skill—and as a result can command wages upwards of $25 or $30 an hour—will become justifiably disgruntled, because they will no longer be making much more than minimum wage. The underground economy will explode.
The consumer price index has jumped 4.2% over the last 12 months, the fastest pace of inflation since 2008, according to a Department of Labor report.
The consumer price index (CPI) increased 0.8% between March and April, according to the Labor Department report released Wednesday morning. Economists projected that the CPI increased by 0.2% last month and 3.6% over the 12-month period ending in April, according to The Wall Street Journal.