Just wait until inflation gets rolling really good, then that buying power will be even smaller.And an exploited work force who finally said “enough” and demanded to be paid what they’re worth vs the company paying the minimum it can get away with. There’s a reason employees are no longer loyal and change jobs every 2-3 years. Companies don’t take care of their people like they did in my parents’ era. Want a raise? Go to a new company.
I worked for Kroger all through high school and college. What they were paying me nearly 20 years ago had more buying power than the wages they’re paying today. The wage I was making when I left in 2003 is worth $13.75 an hour in today’s money. They barely pay department heads that much now.
I don’t see immigration as a major issue in terms of low wage service jobs sitting vacant. Migrant workers don’t generally flock to fast food restaurants and big box chains. They usually do jobs us natural born citizens turn our noses at. You won’t find a ton of suburban teens/young adults willing to muck stalls full time for $8 an hour or roof houses for $10/hour cash under the table.
We are still paying covid bonus on unemployment. That works out to an extra $15k per year on top of the normal unemployment payments. This bumps the payment to stay home above the average salary in Kentucky of approximately $42k per year.
It's lunacy.