$15/hour minimum wage is a rare example of legislation providing too much of a good thing. There is a midway point between $7.25 and $15 which is actually pragmatic and beneficial to the economy at large.
If I recall correctly, Bernie never advocated for a specific dollar amount, only a "living wage". Additionally, he made the inarguable point that wage increases for the millions of Americans earning near minimum wage would be a gigantic boon for the economy because these are the people who actually pay their taxes. More income means more income tax to fill the fed's coffers. Republicans should like that. Minimum wage workers are not the type of people who are going to store their wealth in offshore tax havens, nor will they lower their effective tax rate through equities and other financial instruments.
The rich and super rich don't need the government's help anymore than they already have it. Helping the people who actually need help is ultimately the best prescription for the entire economy.
All fair points...
Another argument has been made that the primary reason we have only seen modest inflation (depending on what you measure), despite so much blatant government monetization attempts, be it TBTF bailouts..QE1,2,3,forever, is because so much of that money isn't circulating in the way you are advocating. The way Bernie is complaining about. A lot of it is staying inside the closed loop banking investment system.....or are staying in the hands of the ubber elite
Be it directly, or indirectly, since they do also own the overwhelming majority of all bonds, stocks, mutual funds, etc......
For most workers, real wages have barely budged for decades | Pew Research Center
obviously, despite all the spending, despite the amount of bond buying they push for, how high the stock market goes, the average person isn't seeing the benefits to most of this.
So I get where he is coming from. I totally do.
Rhode Island Governor Defends 2nd-Home 'Taylor Swift Tax'
I mean this cracks me up....we are right back to the gilded age
* the gilded age.... and some other fine mansions
same fucking state where the roaring 20's great gatsby mansions would sit.
if history keeps repeating itself, this wealth disparity keeps up, these debts and deficits keep going at the rates they are, something is going to eventually break.
so i'm always open to listening to ideas of how we should go about that....I'm just not sure how well the living wage debate is working out just yet.
so far it is driving up relative labor costs (which translates to higher product costs)....reducing the available jobs in the area (despite more people wanting a job in that area)....and a million other unintended consequences to go along with it....like fueling the push to automate everything.
minimum wage laws already attributed to killing off ushers, shoe shiners, and many apprentice positions.....i wonder what this can do if we go too far with it. imo minimum wage should absolutely keep up with inflationary cpi stats...but that would require the government to honestly assess those figures. something it has no real interest in doing...for so many political reasons.
this could be a devils advocate argument position to this...that is all.