Once again, I see "capitalists" making disparaging remarks on the responsibility of the poor to live on low wages, calling them irresponsible.
Once again, I see "capitalists" making disparaging remarks on the responsibility of the poor to live on low wages, calling them irresponsible.
Okay, let's say you are correct and that raising the minimum wage will increase prices. We'll ignore the fact that the federal minimum wage has remained the same for 14 years but prices have never stopped increasing.
We'll ignore the fact that those 14 years have seen the greatest migration of wealth to the top in world history. We'll ignore the fact that the reason that wages need to increase is because prices keep increasing. We'll ignore the fact that, thanks to capitalism, the value of the dollar has decreased by over 100% in the past century, with the greatest decline occurring in the last 25 years. We'll ignore the fact that the wealthy have offshored living wage jobs for decades. We'll ignore that wealth being stored in stocks and in offshore accounts diminishes the value of the dollar, decreases production and reduces wages.
Let's focus on the fact that, while we always must discuss a minimum wage, we never discuss a maximum income.
Imposing a maximum income would NOT increase prices. It would DECREASE prices and increase the value of the effective wage.
NOBODY "needs" an income of more than $50 million a year. If they think they do, what they need is therapy and they can definitely afford it.
NOBODY "needs" a personal net worth of over $1 billion.
NOBODY "needs" multiple homes or yachts. Or yachts within other yachts.
Yes, it would be completely reasonable to impose a maximum income (from all sources, not just wages) and a maximum net worth.
The net effect would be greater distribution of wealth, frozen or decreased consumer prices while still allowing for the accumulation of wealth but by a greater number of people.
If we combined this with increasing wages at the lower end of the spectrum, we would have a higher living wage and remove the benefit of increasing prices or hoarding resources at the top end of the spectrum.