Jul 23, 2023, 4:16:43 AM7/23/23
The Minimum wage should be $22.50 on average, based on $75,000, but it should be
based on the County's per capita GDP.
Economic science does not say "no minimum wage." For one thing, the marginal
utility of each dollar spent is much higher at the bottom, than at the top.
Yet libertarian economics is pseudoscience. Thinking libertarian economics *is*
free market capitalism, is indicative of someone who never took an Economics
class. A high net loss in the macro would ensue under such a quackery. Socialism
has much intelligence backing it, for reasons more than simply that in its
absence, and the absence of free education; nepotism - favoritism to one's
relatives, is all there is, is unfair, and is an establishment of injustice.
While a very very few, dropped out of 8th grade, and became billionaires without
education, generally speaking, if you want to work for someone else, if you don't
have your own angle or connection, education will beget the following salaries,
based on per capita gdp of $75,000:
High School Diploma: $40,000 - $75,000
College Degree: $75,000 - $150,000
Graduate Degree: $150,000 - $300,000
Assets beget return on assets. We're all equal in cost and spirit. We have
differing assets temporarily, until everyone has everything. Because someone is
taller than you, and can beat you at basketball they get more money. They have an
asset you don't. Today's children aren't even guaranteed 40 acres and a mule,
like emancipated slaves. If your relatives don't pay for your college education
and graduate school, how is life fair? If life isn't fair, how is life just? If
life isn't just, how are acts of injustice criticized? Nevertheless, the net cost
ends up being more, than if we'd just paid in the first place, instead of
purchasing a criminal justice system. And equal opportunity is dependent upon
equal assets such as education. If everyone had an education, much fewer people
would be being paid the minimum wage. It still wouldn't be right to be paying
that little to anyone, and perpetrating its a job, and not work for free or an
internship, or like indentured servitude, just working to get the experience.
Underemployed, is what even those with no education, making less than $22.50 an
hour are. Their time to them personally, is worth as much as yours is to you.
They should be counted among the unemployed and be able to find a better salary as
well as go to school for free.
All that said, some do succeed with their own angle or connections, business
ideas, inherited relative's capital, or otherwise. Thus the upside potential to
innovate and pursue novel enriching industry remains. Yet if you're going to work
for a stranger and shop the supermarket like everyone else, the consumer product
available, which is what the job is, is only going to differ in its pay by so much.
Consider that *per worker* GDP is about 2.5x per capita GDP, or $187,500. So
someone's consuming all that income.