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> if minimum wage and social safety nets were removed, unemployment would drop significantly. An unsupported assertion I'd suggest. However, I think we can def
by somewhereoutth 4y ago
> if minimum wage and social safety nets were removed, unemployment would drop significantly.
An unsupported assertion I'd suggest. However, I think we can definitely say that removing worker protections leads to worse life outcomes for the poorest - and perhaps the richest too if we factor in rising crime due to inequality (compare US and EU). It may also reduce the size of the economy, the few remaining rich people don't need to actually spend much in aggregate (there is only so much food, furniture, foreign holidays etc they can consume).
- mindslight 4y agoI wasn't saying that as if it would be a good thing. Just that it would be closer to historical conditions where people were desperate to eat, and could be paid very little due to that desperation.