“Poverty” is defined as a percentage of income below the average. Therefore, it is impossible to eliminate “poverty,” because there will always be 20% that are at the bottom of income distribution.
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In the same vein, the reason ‘min wage’ doesn’t work.
If minimum wage has the desired effect, to raise the spending power of workers, that would mean that EVERYONE would have to get a raise the same percentage as the min wage.(I think Unions have this written in)
As long as people get FIRED, let go, quota ed, downsized or whatever word they want to use, the ‘reason’ for the min wage is gone as, in effect, the unemployed level will rise.
If EVERYONE gets say a raise to 15 per hour, including the guy stocking shelves in the store that means the price of the product should go up accordingly.
It is costing you MORE to sell the same product,from the lowest picker in the field to the steak on the table that started with the lowest picker in the field. SO EVERY step of the way it went ‘up’ to accommodate the ‘raise’.
Like when the power co says your newest rate raise is only 3cents per day, say, Ok, I will mail you a check every day for 3cents to cover the raise.
In a true sense, the rate would either be dropped OR they would just quit telling one how much the raise was on a daily basis.
Good examples.