The US's federal minimum wage is $7.25 an hour. Is that actually enough for someone to afford basic necessities like food and shelter? Or is it a wage that'd lead to starvation, and would be practically impossible for someone to live off of?
Jack Whitcomb is the writer behind the Substack "Jackonomics," which covers economic subjects such as the cost of living, welfare reform, and monetary policy. He's recently become invested in the discussion about whether or not the US's federal minimum wage is indeed a starvation wage, or if someone could actually live off of it.
In this episode, I got a chance to speak with him about the experiment he conducted to figure this out, and why so many people resonate with the idea that the federal minimum wage is a starvation wage.
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