Quote:
Originally Posted by HockeyIlliterate
Why not look at it this way:
You get paid $15/hr in small-town Iowa because it is hard to find workers in small-town Iowa, as living in small-town Iowa doesn’t appeal to most, so the $15 is sorta like hazard pay or money to keep you in small-town Iowa.
You get paid $15 in NYC because it is expensive to live in NYC.
As in, treat the $15 in small-town Iowa as a cost of living adjustment that is meant to incentivize people to stay there and improve the overall local economy.
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This. Also, wouldn’t gross product cost essentially the same nationwide? So, businesses who are saving in rent can’t afford to pay decent wages??
Granted, I’m economically illiterate.