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This is why I appreciate the $15 an hour minimum wage movement. Paying people more is better then taxing the rich more. The super-rich own congress but at the city and State level there is depending upon the state some room to grow wages. Higher wages equals fewer people on public subsidies which is good for cities and states.
Earlier quoted context omitted.
Higher minimum wages means fewer employed people on public subsidies. It's less clear to me that it makes for fewer people overall on subsidies. If the economic value of someone's labor is only $10/hr, they are less likely to be employed with a $15 minimum wage than a $9 minimum wage.
What labor has value below the required amount to exist as a human? I think the reasoning is - if it's worth being done, it's worth paying someone a meager living wage to have it done.
Earlier quoted context omitted.
Higher minimum wages means fewer employed people on public subsidies. It's less clear to me that it makes for fewer people overall on subsidies. If the economic value of someone's labor is only $10/hr, they are less likely to be employed with a $15 minimum wage than a $9 minimum wage.
What labor has value below the required amount to exist as a human? I think the reasoning is - if it's worth being done, it's worth paying someone a meager living wage to have it done.
If someone is capable of holding down that $10/hr job but not capable of landing a $15/hr job, they are harmed by an increase in minimum wage in two ways: 1. The direct loss of job, income, status. 2. They are now shopping in an economy where the goods/services they purchase are likely to be marginally more expensive.
This is why I appreciate the $15 an hour minimum wage movement. Paying people more is better then taxing the rich more. The super-rich own congress but at the city and State level there is depending upon the state some room to grow wages. Higher wages equals fewer people on public subsidies which is good for cities and states.
We need to just peg the minimum wage to inflation so we don't have to do this every decade or two.
Earlier quoted context omitted.
Higher minimum wages means fewer employed people on public subsidies. It's less clear to me that it makes for fewer people overall on subsidies. If the economic value of someone's labor is only $10/hr, they are less likely to be employed with a $15 minimum wage than a $9 minimum wage.
What labor has value below the required amount to exist as a human? I think the reasoning is - if it's worth being done, it's worth paying someone a meager living wage to have it done.
1% real income growth per year is still fairly substantial IMO. Over a 41 year career, your purchasing power goes up by half, yet that's treated as "stagnating" which implies something far worse than 1% per year.
"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery. Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. This served them as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied to themselves the kind of effective demand for their products that would justify a reinvestment of their capital accumulations in new plants.In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."
This is why I appreciate the $15 an hour minimum wage movement. Paying people more is better then taxing the rich more. The super-rich own congress but at the city and State level there is depending upon the state some room to grow wages. Higher wages equals fewer people on public subsidies which is good for cities and states.
We need to just peg the minimum wage to inflation so we don't have to do this every decade or two.
This is why I appreciate the $15 an hour minimum wage movement. Paying people more is better then taxing the rich more. The super-rich own congress but at the city and State level there is depending upon the state some room to grow wages. Higher wages equals fewer people on public subsidies which is good for cities and states.