Answers

Yes, if the minimum wage is intended to serve as a meaningful wage floor that supports basic living standards and prevents severe exploitation or working poverty, then it generally needs to keep pace with the cost of living (at least with inflation) over time—otherwise its real value erodes and it becomes less effective. However, this is not an absolute economic necessity, the “right” level and ad

No, on average, prices in stores are not lower than they were a year ago; they are actually higher. While you may hear news about inflation "cooling" or "slowing down," economists refer to this current economic trend as disinflation (prices rising at a slower pace), rather than deflation (prices actually falling). Store prices are still climbing, just not as rapidly as they did during the peak i