Sure, inflation rates have come down from their highs, but we don't have deflation so $1 today is still worth less than $1 from 2020 — which means $15/hr minimum wage is worth less today than in 2020.
But that's always true, and forever will be as long as the fed believes that gentle inflation is the way to spin the economy. And most serious economists, even the freshwater kind, don't want that to change.
If you think deflation is better, ie money in the bank should be worth more over time, just look at what happened to Japan with their deflationary economy. Some call it the "Lost Decade".
No one argued that deflation is better. But it is obviously true that inflation-adjusted minimum wages are much (20%+!) lower than they were a couple years ago.
But that's not even the highest level of inflation in my lifetime. 1980 had 14% (!) inflation. There are probably people in your life that remember the gas lines from the 1970's.
The point I have is when looked from 20 years from now, it will be a blip. It's not the great depression, it's not the gas crisis of the 1970's. It's not even as bad as 2008.
Yes it sucks in the moment, but it won't in a few years when wages catch up finally.
Whenever I hear people complain about rent or groceries I always politely inform them that the Δ Δ of their rent is quite low this month and that means the economy is in fact good
You're in good company. When President Nixon was campaigning for reelection in 1972 he told voters that the third derivative of inflation was decreasing.