California governor Gavin Newsom announced that the state’s minimum wage will rise to $17.40 next year, a ay floor set to become the highest of any US state.
The pay bump will go into effect starting 1 January, Newsom announced on Friday. The state’s current minimum rate is $16.90. In a news release, Newsom touted the move as a salve for working families amid high living costs and took a jab at the Trump administration.
“For years, Donald Trump and Republicans have blocked efforts to raise the federal minimum wage while handing tax breaks to billionaires and big corporations,” Newsom said.
Inflation is supposed to be a calculation in changes of relative currency value. The way that it is calculated depends on the government and the day.
Generally they create an index of goods that they track. Changing what goods to track is the easiest way to manipulate the results… and boy do they ever manipulate the shit out of the results. What you choose to put into the index and what you exclude greatly influences the results. Common things that are left out of indexes include rent/mortgage amount, taxes, utilities, medical cost, education cost etc. small things that account for more than 75% of people’s income…
Pruchasing power calculates how much goods a person’s wage can purchase after all their “basic necessities are out”. . It includes all the costs that the good price indexes leave out.