Most, if not all, laws should include annual inflation adjustments. That includes minimum wage, social security, food assistance, as well as minimum fines for breaking laws. Inflation is built into this economic system. The Fed is mandated to keep inflation at 2%, we should not be surprised that these laws become outdated.
It feels like an unnecessary way to keep politicians relevant since they have to keep voting to update these figures instead of just building inflation into the law.
It is possible. My country has laws that specify penalties such as “x months in jail and/or a monetary fine of the nth degree” where the amounts for each degree get updated every once in a while.
Most, if not all, laws should include annual inflation adjustments. That includes minimum wage, social security, food assistance, as well as minimum fines for breaking laws. Inflation is built into this economic system. The Fed is mandated to keep inflation at 2%, we should not be surprised that these laws become outdated.
It feels like an unnecessary way to keep politicians relevant since they have to keep voting to update these figures instead of just building inflation into the law.
Agreed, this is probably also why antitrust is pretty shit now
It is possible. My country has laws that specify penalties such as “x months in jail and/or a monetary fine of the nth degree” where the amounts for each degree get updated every once in a while.