this post was submitted on 23 Feb 2024
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Having bit more than basic education in economics, I suppose.
Is it more or less a fantasy than the fantasy that every employer is able to pay the minimum wage?
If company can't pay it's workers a living wage, that company shouldn't exist.
Indeed. That's exactly what will happen. And then people whose wage level is below the minimum wage will be unemployed.
And should be given welfare check.
Or UBI as we seemed to agree on other part of the thread. Either of these are better solutions than minimum wage.
Minimum wage works. Here is an article from the german newspaper FAZ (leans economically right) that presents a study that shows the low income sector has shrunk since the implementation of minimum wages.
Germany before had one of the biggest low income sectors in the western world.
And no, the unemployment rate did not skyrocket. In fact, Germany is as close to full employment as it gets.
Good counterpoint, thanks for that.