I used to work with a bunch of builders who owned their own companies. When the market tanked, they lost their businesses, and now a few of them work at Home Depot
What else has happened to help increase inflation since the 1970's? Ummmm massive wage increases for people doing menial jobs thanks to union strong arming perhaps and expansion of high paying jobs in the public sector perhaps? Thus the shifting of the entire manufacturing sector overseas. Where I live they just jacked the minimum wage to the highest in North America. How's that working out? Highest unemployment since I can remember and is absolutley KILLING kids age 15-24. Jacking that minimum wage by 68% since 2003 has decreased my ability to hire new employees and 100% discouraged me from growing and expanding my business here.
Trust me, I have done this. I call and walk in and ask to speak to managers, I dress up. It's a HUGE college town and spots fill up insanely fast. There was a job posted for a pharm tech at one of the drug stores and the manager said on the first day of the job posting she had 35 applications submitted
First $10000 or so is tax free after that it's still pretty low until you get into making $30000+. Sales tax is 13% on everything now though and there are a shitpile of taxes on all kinds of other things that are high.
edit: here are the income tax rates for 2010 here:
in illinois i think min wage is something like $8.25. i was paid $6.15 when i was 16. my brother is 18 and cant get a job anywhere because of the retardedly high minimum wage. even mcdonalds wont hire due to the high labor costs. that was the argument against it when the bill was proposed but democrats run illinois so what they want usually goes.
when people make more prices go up. simple fact. somebody has to pay the higher labor costs because the company isnt just going to eat it. the standard of living hasnt increased in illinois at all. if anything its actually gone down.