Dad2three
Gold Member
Interesting ... I've just connected some ideas :Right. Which means the cost of everything across the board is raised accordingly.
82 years ago, FDR said corporations who couldn't pay a "living wage" didn't deserve to exist in America. This was his reasoning for adopting the minimum wage in 1933. Today, we hear the same cries for a "living wage" and calls to raise the minimum wage dramatically. So for 82 years, your "solution" has failed and your answer is to do more of it on a larger scale.
A) Productivity and product demand the main factor allowing higher wages.
B) The last years have seen a rise in employee productivity due to automation, and interconnection
C) Nevertheless the rise in productivity will probably not be the same around all sectors / company sizes.
D) If productivity is not coupled with a rise in purchasing power or export growth , eventually you get stagnation.
Theliq has said Australia has several minimum wages by sector. And by my previous post, some countries ( like switzerland , Germany until recently and Singapore have no minimum wage).
So maybe a one size fits all policy is what really is wrong : productivity has not risen evenly nor the cost of living is the same across the US. There might be a need to have minimum wages with a finer granullarity.
"There might be a need to have minimum wages with a finer granullarity."
It's called the Dirty Souths min wage laws now, most of the blue states have higher than fed min wage laws, why do you think the poor and ignorant bastards of the Southern states suckoff the teet of the Blue states today?