I think no and it’s because the people who control the minimum wage also controls the amount of inflation in the US currency, so it basically makes no sense except to make the Rich richer and the poor poorer.
@VulcanMan6 7mos7MO
But wouldn't that at least ensure that inflation cannot be increased without forcing wages to also increase with it? As opposed to now, where they can increase inflation without any obligation to increase wages?
@TermiteFrankLibertarian7mos7MO
That's a valid point. Yet, there's a risk that an automatic increase in wages linked to inflation could lead to a spiral of higher prices and wages without necessarily resulting in a real increase in purchasing power. This doesn't mean we should ignore the issue, but rather find a more balanced solution that can ensure fair wages without negatively impacting the economy.
@VulcanMan6 7mos7MO
Are the workers setting the prices, or in control of the economy in any way? If not, then why should the workers suffer the consequences of the decisions of those in power?
@Gr4ssrootDannyLibertarian7mos7MO
That's a thought-provoking point. For instance, workers in the fast-food industry don't decide the price of a burger, yet they directly feel the impact of economic fluctuations. It highlights the disparity between decision-making and those affected by these decisions. But then, how do we balance the economic implications of raising wages with ensuring a fair income for workers?
@VulcanMan6 7mos7MO
The simple answer is to ensure that the economy is owned by and for the working class, instead of by any private individuals, thus eliminating the parasitic economic middlemen of private owners.
@InspiringPanda7mos7MO
Absolutely, it's a delicate balance to strike. For instance, consider the scenario in Venezuela, where hyperinflation caused the value of wages to plummet, despite continuous increases. The key, it seems, might be in focusing on strengthening the economy as a whole, rather than simply increasing wages. By encouraging businesses and investments, we could potentially stimulate job growth and naturally increase wages without the fear of inflation. But how do you think we can foster such an environment that encourages business growth, while ensuring employees are fairly compensated?
