Hello T. A. Gardner,
Originally Posted by
T. A. Gardner
What happens if Biden gets his $15 minimum wage passed?
It probably gets phased in over a number of years, so there would be no immediate negative impact.
A wise plan would give everyone time to adjust to what's coming and, frankly, long overdue.
Most employers and workers would not be affected, because a very low percentage of workers are actually paid the minimum.
Here are the benefits for America that I see:
1. Some near-minimum wages would be raised accordingly, much to the relief of struggling low-end earners who are trying to make working worth while but having a pretty tough time of it.
2. There would be some inflation, but it won't be anywhere near the difference of increased wages for low wage workers. And, after all, some inflation is actually a good thing. Our monetary system actually depends on it and would collapse without it. If deflation ever took hold it would be devastating to our economy.
3. Low wage workers who currently hold several part-time jobs might find they are able to reduce the number of jobs they need, reduce the amount of commuting they do, reduce the costs for beater vehicles, vehicle maintenance and fuel. This could be helpful in the fight against global warming.
4. Low wage parents with more time on their hands would be able to spend more time with their children, and do a better job of parenting.
5. Struggling families who have been just out of reach of home ownership would be raised up to the level where they could save enough for a down payment and qualify for a mortgage.
6. The prevalence of predatory lending institutions such as payday loan joints and 'buy-here-pay-here' car lots selling seriously overpriced worn-out lemons to desperate workers would be reduced.
7. Dependence of the government dole would be reduced.
8. The economy would get a boost due to low-wage workers having more spending power.
9. Some people who have been unable to find legitimate work, and have turned to crime, may be more enthusiastic about working, and this would reduce our too-high prison population.
AND:
10. The race toward devastating extreme wealth inequality would be mitigated.
The way I see it, it would be a 10-way win for America.
Last edited by PoliTalker; 01-22-2021 at 08:32 AM.
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