There should be a fair or almost robust minimum wage.

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There should be a fair or almost robust minimum wage.

Post by madmin » Tue Mar 27, 2018 9:24 pm

Having studied economics in university, I fell for Reaganomics’ trickle down theory, believing that big business will take us to new levels of prosperity. But now I know that this is complete bs. “Have you felt trickled on lately?” as some economists have joked. Maybe in the form of peepee dripping down from the rich man’s weewee, as he might hire some Mexicans to fix up his fancy mansion, but the rest of all that wealth generally gets hidden in offshore accounts or invested to move his factories to poor countries in the name of ever greater profits, the locals losing their jobs as a result.

So this concept that if you give more money to the rich man, he will invest it wisely into job creation and more factories and we will all be better off as a result is complete nonsense.

However, if you take some of the vast wealth of the rich man and give it to the poor, let’s say in the form of a higher minimum wage, what do you think will happen? They will SPEND it, perhaps on a new phone, better tv, shinier car… The point is that they will spend it on little things, this money going back into the economy much more than would by the rich man. Sure, if the rich man with all his new gained wealth was forced to keep it and spend it all in-country, then perhaps the trickle down theory would work, but that is not the case at all. But if it is spread around more average Joes, all these purchases will be good for industry, the economy, employment and so forth.

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