J_D 2.0
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I have no issue raising the minimum wage, just don’t cry poor when business inflates prices to reflect it.
It’s a difficult conundrum. Most of the businesses paying minimum wages (or close to it) have high labour input costs so raising the minimum wage has a disproportionate impact on those businesses who rely on labour the most.
A better idea would be for the government to sufficiently tax companies and people who have low labour input costs and redistribute that money to those on the lowest incomes.
This will have to happen at some point or we will end up with Elysium. Currently 100% of the advantages of lower labour costs goes to capital by definition so where do we end up when AI and robots do everything and people no longer have a use to capital?
Unless governments start properly taxing capital to support labour (people) then we will continue to move towards a dystopia where a few rich people with all the capital own everything and everyone else is destitute.
https://en.wikipedia.org/wiki/Elysium_(film)