On the left, there's considerable discussion of the idea of raising the minimum wage, and creating a "living wage." Who could disagree with such an idea, right?
Actually, it's another bad idea that looks like a good one from the far left that will do more harm than good if enacted.
Let's start by discussing how the Living Wage movement came to be and what the laws of economics tell us about attempting to conjure out of thin air, ever higher wages decoupled from productivity. We will also talk about how socialism and communism are closely tied to this subject. Let’s begin with a definition of what a Living Wage is:
“A Living Wage is a socially acceptable level of income that is meant to provide adequate coverage for basic necessities such as food, shelter, child services, and healthcare.”
Investopedia states that a Living Wage for a family of four was $68,808 as of 2019. That is more than this country’s Average Median Income of $67,521 in 2020. ‘Socially Acceptable?’ Now, that describes my problem. Socially Acceptable to whom?
Consider this: The idea for a Living Wage began in the Soviet Union. Or, as Marx liked to say: “From each according to his ability, to each according to his needs."............To Read More....
My Take - You may wish to view my Minimum Wage file, there's some really good stuff there. I particularly like this one, If $15 Minimum Wage Is Such a Good Idea, Why Did AOC's Bar Close Down?, especially after my rants about AOC, here, an here, but more especially since it discusses one of the world's greatest thinkers, Thomas Sowell.
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