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I wouldn't downvote it because I believe it might frame a good discussion or debate. Specifically, while I agree with three of the four solution points, I actu
by mjevans 7y ago
I wouldn't downvote it because I believe it might frame a good discussion or debate.
Specifically, while I agree with three of the four solution points, I actually strongly disagree with the first.
1. Increase the minimum wage.
2. Pay workers for overtime labor.
3. Restore labor's bargaining power.
4. Increase taxes on the rich and their estates.
The first is often stated but is incorrect in the long term. Raising the minimum wage FAILS to increase the long term BUYING POWER of those earning it. Prices for all staples in the economy rise to consume the numeric gains. What raising the MINIMUM WAGE does is destroy the value of SAVINGS and lower the wages of everyone that earns wages rather than returns from investments.
The true way of achieving the spiritual ideal of the first point is to instead INCREASE CONSUMER BUYING POWER by making the 'staples' of living cost less. There are many and potentially controversial ways of making that happen. My own favorite is for "the government" to establish a baseline which private industry is free to compete against. (If they're so much better, they should be able to win; which would be a win for consumers.)