I understand the concept of inflation being a monetary process
I omitted the intermediate step. Wage increases become desirable as the $$ value decreases.
To stay even or to get ahead a little, wages and salaries must increase to compensate for the devaluation. There is I believe a political desire on both sides to have some inflation to effectively devalue the debt. An important component is wage inflation. The problem is that with the rate of unemployment high, increases in wages just don’t happen across the board. The hue and cry and in some cases actual increase in the minimum will nudge general wage increases.
And then there is another, definitely non monetary vector. That is Obamacare. The pain of Obamacare cost increases can be masked by everybody getting a raise.
Between the monetary vector and the Obamacare vector, the moonbats have powerful incentive to howl for a vector resolution, for minimum wage and thus across the board wage and salary increases.
the minimum will nudge general wage increasesThat's the conventional wisdom but it's a myth disproved by looking at how it works. Reality is that a min. wage hike does not require an employer to pay more for an employee than he's worth. If a worker brings in $10/hr into a company, he'll have a job when the min. wage is <$10 and lose it when the mw is >$10. Business is business.
What's happened over the past decade is that min. wage hikes have lowered general wages by putting people out of work. Soaring unemployment has cut demand which has lowered prices and that drops wages:
