Today, the minimum wage in Florida increased by $1 per hour. The minimum wage for non-tipped employees in Florida is increasing from $11 to $12. For tipped workers, the rate’s going from $7.98 to $8.98.
Minimum wage has increased from $8.56 per hour to $12 per hour in three years- that is a 13 percent annual increase. I still can’t go through a drive through without them screwing up my order, and in that same time period, the cost of a Big Mac meal has gone from $7 to over $12- which is a 23% annual increase.
At Denny’s, 2 strips of bacon, two link sausages, two eggs, and two pancakes. This is the breakfast that Denny’s calls the “Original Grand Slam.” Sold for $1.99 in 1997. By 2021, that same breakfast cost $9.49. That works out to an annual inflation rate of 6.7%. Now here we are in 2023, and that same breakfast is now $11.99, or a 26.3% increase in the past two and a half years. That’s a 10.5% annual increase.
Price and wage controls don’t work.