RE: Raising the minimum wage won't help
May 25, 2021 at 9:52 pm
(This post was last modified: May 25, 2021 at 10:15 pm by The Grand Nudger.)
Ultimately, not having the cash on hand to pay a bill isn't why their currency went topsy turvey either. How many contemporary nations (then or now) have the currency on hand to satisfy all of their debts? Did they all go the way of the weimar?
National debt is not a household budget. The things that are or would seem to be intuitively true of a household budget are not necessarily true of a national debt . Tbt, most households would greatly enjoy those truths of national budgets or debts (or corporate budgets or debt, for that matter) unavailable and/or inapplicable to the individual household.
Even more to the point, a raise in real wages has only ever been shown to correlate with an increase in qol and individual wealth. This is one of those bits of americana that has long been settled, but for reasons of political expediency, is maintained as an open or contrapositive question for use as a wedge. When relatively poor people have more wealth, and specifically poor people - they spend it. This is good for the economy, not bad. The consumer economy relies on people holding and utilizing expendable wealth, after all.
National debt is not a household budget. The things that are or would seem to be intuitively true of a household budget are not necessarily true of a national debt . Tbt, most households would greatly enjoy those truths of national budgets or debts (or corporate budgets or debt, for that matter) unavailable and/or inapplicable to the individual household.
Even more to the point, a raise in real wages has only ever been shown to correlate with an increase in qol and individual wealth. This is one of those bits of americana that has long been settled, but for reasons of political expediency, is maintained as an open or contrapositive question for use as a wedge. When relatively poor people have more wealth, and specifically poor people - they spend it. This is good for the economy, not bad. The consumer economy relies on people holding and utilizing expendable wealth, after all.
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