Look what participation trophies hath wrought; they don't think they can be happy for less than $500,000 per year.
There are a lot of complaints from younger generations about the current economy; long-time fixed-rate mortgages, which were an American invention to avoid the European issue of generational wealth keeping young people trapped in their parents' home, are now a populist cry for price-controls at the New York Times. And a whole lot of young people want more government services for everyone, a la Obamacare, but then are surprised when that plus stimulus packages for government union workers during the COVID-19 pandemic, plus more fees and regulations - California requires a special gas formulation and emissions system on cars which bumps the costs to the highest in the nation while helping no one - all mean increased costs. When inflation is caused by government tinkering to win votes, the business model quickly spirals.
In a government-controlled economy, it is true that you'll have high inflation, high interest to try and control it, and unemployment higher because only government jobs increased during the pandemic. For no reason anyone can fathom, the US Postal Service needs 630,000 government union employees to lose an alarming number of packages.
So it's not a shock that Starbucks baristas who paid for college degrees in web design think minimum wage should be $500,000 per year, but the problem with such simplistic notions of the world is that if you give $500,000 a year to everyone, a loaf of cheap bread suddenly costs $100. Everyone recognizes this except socialists. But Democrats in the late 1980s gave young people unlimited student loans because they said that college students earned more - so everyone should have a college degree. All that did was make a Bachelor's degree equivalent to a high school diploma, except it made Big Academia rich and stuck young people with $100,000 in debt...for history majors.
The solutions seem easy; for health care, let companies sell across state lines. Don't force young people to buy it or be on their parents' insurance. Expand Medicaid so the 700,000 who couldn't get insurance prior to Obamacare don't require a system where the rest of us pay 300 percent more. The Supreme Court should end the 1984 Chevron deference ruling that let the White House create laws using regulations that act as laws, without needing Congress. Waivers of federal laws for states that create regulations exceeding federal ones should be ended.
These are common sense solutions. Instead, states like California raised the minimum wage for entry-level jobs to $20 an hour - and promptly lost 171,000 jobs, number one in the nation. Now the Governor will have to boost minimum wage so that they can generate more taxes to offset the tax revenue that disappeared with the jobs.
He doesn't get how money works, though anyone who's worked a job mowing lawns as a child does.
