Because a Covid-19 basket of goods and services has a different inflation rate from the CPI basket, the cost of living might not be what we think it is.
Our economic news summary ranges from elasticity and a Berkeley soda tax to the minimum wage and the cost of living, to the power of the market and ivory.
Comparing median and minimum wage and looking at how the cost of living varies, we can see that the wisdom of a $15 minimum wage hike depends on location.
Told that someone earns $250,000 a year, you should ask, “Where do you live?” According to CNN, you would need to earn $545,000 in Manhattan to spend what $250,000 will buy in Missoula, Montana. On this map, you can see…
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Connecting economics with everyday life.
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