The Prof G Pod with Scott Galloway

Office Hours: Raising the Minimum Wage, Seeking Venture Debt, and Getting on the Property Ladder

7 snips
Sep 28, 2022
The conversation dives into the heated debate over raising the federal minimum wage to $25 an hour, weighing its potential economic benefits against inflation concerns. A startup founder seeks guidance on choosing between venture debt and equity funding, revealing the complexities of startup finance. Real estate discussions address the hurdles renters face in building equity, while highlighting systemic inequities that favor older generations. Solutions are proposed to bridge the gap between homeowners and renters, advocating for financial stability in an evolving housing market.
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INSIGHT

Minimum Wage and Productivity

  • The minimum wage hasn't kept pace with productivity since 1968.
  • It would be around $23 today if it had.
ADVICE

Indexing Minimum Wage

  • Index minimum wage to the poverty line in each state.
  • This ensures fair compensation relative to living costs.
INSIGHT

The Cost of Low Wages

  • Low wages cost taxpayers $100 billion annually due to increased reliance on social programs.
  • We pay for poverty support, bailouts, and debt relief but resist raising wages.
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