So hiring people at minimum wage isn’t Godly, correct?
What wage is fair? Ten dollars an hour? Twenty? How about one hundred?
I understand there are flaws in capitalism, but I haven’t seen any better options anywhere?
Say we raise minimum wage to 20 dollars an hour. Then people will be able to buy housing and food and everything they need, right? Probably not. If businesses did stay in business and kept all workers in their jobs at the new wage, massive inflation would occur. First off, in order to keep up with rising labor costs, prices would have to rise on everything from a gallon of milk to a mercedes benz. These costs would adversely affect those making the now twenty dollar minimum wage. Beyond that, massive inflation would occur. A minimum wage earner who worked forty hours a week would be making 40,000 a year. The average income of an american citizen in 2005 was 34,000 dollars. That means a vast majority of the country all ready is making less than 40 grand. Were they all to be bumped up, massive inflation would occur, likely making their buying power the same or less than it was before (those whose incomes were nearer to 40,000 a year would have less spending power while those at the bottom would most likely have the same amount).
I would be all over a new idea that is better than free market capitalism, but until I see one, I’m still going to support our current economic system