A California libertarian multimillionaire is pushing a minimum-wage hike
Joyce Park stashed this in Economics
Renegade libertarian does the math and decides the lesser evil is a $12 minimum wage rather than a maze of government managed income transfers.
Wow. I did not see that coming.
It's like the libertarians who decided it was less expensive to pay for housing for the homeless.
Let's here it for rationality in economics!
I'm libreterian and I do support minimum wage increase out of my own selfish interest. I think I'm ready to pay 30% more for Big Mac in exchange for the increase in consumer base.
The point about complex web of government money transfers is the same avenue. Feeding people is more benefitial then feeding the government to feed people.
Not to say, libreterians do have ethics and paying people less then it takes to sustain is clearly unethical.
The thing that bugs me is people who are working yet still qualify for welfare programs. Essentially, my taxes are subsidizing somebody else's profits, and that offends me. Yes, a higher minimum wage increases costs (particularly on restaurants), but those businesses should bear them entirely, not me. Also, we should find a way to incentivize full time vs. part time employment. If 50 people are working full time at a livable wage instead of 100 part time, then i'm only paying welfare to 50 people instead of 100.
Lots of good points, maybe we need more jobs than people to fill them, then it will be an employee market, and employers will have to do what it takes to attract workers ie good hours, benefits, and wages. Could this happen when we get to the end of the baby boomers retiring? More people consuming, and less in the work force to fill positions to build products and service industries.