4 ms·
That's what I mean when I say poor - no debts, no assets just little savings in money and wages. Possible slight lag is not only possible and not slight, every
by nathias 6y ago
That's what I mean when I say poor - no debts, no assets just little savings in money and wages. Possible slight lag is not only possible and not slight, every increase in wages must be battled for while inflation comes automatically, money also represents 100% of the capital and therefore affects the poor completely.
- jcfrei 6y ago> money also represents 100% of the capital and therefore affects the poor completely. Per definition the poor don't have much savings. Their wealth is mostly in durable consumer goods: Car, television, furniture, etc. The market prices of these goods rise with inflation.
- nathias 6y agoConsumer goods are not wealth, if they have any it's savings in cash. The cost of eating rises with inflation.
- dredmorbius 6y agoThe minimum wage argument is a fair one. All the more reason to index that.
- nathias 6y agoFair wouldn't be my choice for a word to describe an increase minimum wage every 10 years or so if the political constellation is right, while the rich get handouts every day.
- dredmorbius 6y ago"Fair' == "a cogent and valid point in this argument". "Fair" != "a socially just policy'.