Brought to you by the Every Dollar app. Start budgeting for free today. Kevin asked, with the presidential election coming up, I have been doing research on who to vote for. Sorry, I can only laugh at that. Some politicians want to raise the minimum wage to $15 an hour. What are the pros and cons of this? My thought is

that it means products and services will go up and price and everyone will be right back to the

same financial spot they were in before the increase. Okay, this is one of my favorite things to

talk about. This is Economics 101. And Dave, I talk about this some on my show, and it's hysterical

to see people just come at me with the vitriol

and the hate over basic economics, as though I came up with it. But it's very simple. When a minimum

wage is raised, it puts financial pressure on the economy in a negative way. But the bleeding

hearts and people who don't understand

basic economics go, well, they think Santa Claus is providing the money. Right. But the reality

is is that those in the customer pays for it. Well, yeah, the grocery store, the fast food place

passes on the increased cost of your combo meal. And so you gripe about inflation,

and yet you celebrate federal minimum wage ideas. Now, let me just address that. This is nothing

more than a political football. Because 1.1% of Americans are on the minimum wage. That's exactly

right. And one freaking percent. Right. And if you look at what

happened during COVID, there was societal pressure on this, and we saw a couple big stores,

namely Walmart and Target, raised their minimum wage voluntarily, and a lot of companies followed suit

and then came. We went from $10 to $15 to $20 in about 18 months.

And then you saw the Great Resignation as a result of that and now very stubborn inflation. So if you

want to know how it actually works, pay attention to how inflation rose from 2020 to the end of

2022. So it's not arguable. You can't debate it. You know, you can chase your

tail if you want to. It's mathematics. But it just, it is. It's math. When the person putting the

bread on the shelf at the grocery store makes $20 instead of $10, that cost of that bread has to go up,

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