Loading ...What stupid asses him and his banker partners are, to think that way. It’s mostly the young people 18 years old, fresh out of high school, that have needs and wants, and no fear to spend every penny they earn.
No older person would be brave enough to buy an old wooden cabin cruiser, but young guys will. They used to buy GTOs 442s corvettes etc. Many rented an apartment, got married at 18-20 years old, and had two kids.
Suppressing the base standard wage, combined with off shoring work, has resulted in abnormally low, entry level starter wages, which in turn held down all other wages too. (pecking order) So, bottom line, less young and many older people, can’t spend as much as they would like to.
So, if the entire private sector working class is making 25% less inflation adjusted income, in 1960-’70 dollars, the result is similar to a 25% unemployment rate. Public employees paid with tax money earn very adequate wages and benefits, which drive up taxes on the under paid.
TPTB are stuck in a catch 22 situation, and are in panic mode. Note all the “wage deflation” “wage stagnation” news lately. Back in the day, before 1980, the businessman wanted lower wages, and succeeded.
Now, the same businessman (and gov’t) is getting negatively effected by the situation.
It’s time to gloat, laugh, and be happy. They will have to raise taxes on THEMSELVES to keep the “ball” rolling. 🙂
Raising the Min Wage is the same as a tax increase, because lowering the minimum wage over decades was the same as a tax break or subsidy for a business.