Jobs: Doing the Right Thing
by Hénock Gugsa
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The logical corollary to the wrong-headed argument that raising the minimum wage will cause job losses is the argument that eliminating the minimum wage altogether will generate vast increases in jobs. As former congresswoman Michele Bachmann put it, if the minimum wage were repealed “we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level.” In fact, more workers would simply end up with lower wages and less purchasing power, causing the economy to slow and generate fewer jobs. It is no great feat for an economy to create a large number of jobs paying very little. Slavery, after all, was a full-employment system.
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My comment to the above posting by Mr.Reich ...
Mr. Reich:
I am in full agreement with the conclusions you have arrived at regarding economic incentives for the middle class (livable wages, job security and growth of disposable income). I do not comprehend how and why the monied and the politically influential groups don't grasp the underlying essence of "Capitalism". It is that invisible hand working ... a ripple effect from a common human trait, self interest. And that does not mean "selfish" interest, by the way. In a truly free and just society, there is freedom of movement, and also freedom for equal opportunity.
The subject of inequality and powerlessness also brings to mind another reality that is hardly ever mentioned - i.e the psychological state, the despair, and the low morale. This reality is the "elephant in the room."
We have not only unemployment, but also underemployment. I personally have known or have had friends coming out of college with engineering degrees and end up working as cab drivers. There are many young, capable, educated or skilled people out there stuck working minimum-paying jobs because the economy is not creating the right jobs, enough right jobs at any rate. These people look to the government for help, but then their voice is being heard less and less because the monied, "selfish", group is manipulating the government. And there is no recourse for redress anywhere, not even the Supreme Court.
At some point, of-course, the breaking point will be reached. And one wonders what the outcome will be. Thesis - Anti-thesis - Synthesis!
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