I thought that the article was rather well thought through until reaching this:
What if the way to achieve the strongest possible economy is to give every citizen more money to spend? For example, what if we gave every citizen of the United States $25,000 to spend? $25,000 sounds impossible the first time you hear it, but consider the possibility.
Putting aside the laugability of the idea of a capitalist government giving each person a years worth of middle income wage for a moment - it would be great if
by Anonymous Coward writes:
on Sunday August 31, 2003 @04:43PM (#6840339)
You've just described why it doesn't make sense to continually raise the minimum wage. If a bill were passed tomorrow making the minimum wage $20/hour, the price of everything would go up accordingly. Then the ones earning the minimum wage would bitch at Congress for yet another raise.
Obviously false, I don't know how you get this idea.
The demand/supply would still be the same (unless it were to rise so much as to bancrupt businesses, which I assume you won't let happen), so prices would remain the same.
The obvious proof : a lot of countries have minimum wages (a lot) higher than the us, and their economy didn't collapse.
Almost insightful.. (Score:4, Insightful)
What if the way to achieve the strongest possible economy is to give every citizen more money to spend? For example, what if we gave every citizen of the United States $25,000 to spend? $25,000 sounds impossible the first time you hear it, but consider the possibility.
Putting aside the laugability of the idea of a capitalist government giving each person a years worth of middle income wage for a moment - it would be great if
Re:Almost insightful.. (Score:0)
Re:Almost insightful.. (Score:4, Informative)
The demand/supply would still be the same (unless it were to rise so much as to bancrupt businesses, which I assume you won't let happen), so prices would remain the same.
The obvious proof : a lot of countries have minimum wages (a lot) higher than the us, and their economy didn't collapse.