You don’t need a federally mandated $15/hour minimum wage, you need a federally mandated “stop inflating the dollar, stop deficit spending”.
Contrary to the policy of the Federal Reserve, a vibrant and healthy economy should have a deflationary trajectory. As technology improves, we can produce better goods with less effort. That is a deflationary path. People who save money under their mattress should reasonably expect the dollars that they earned 20 years ago would buy as much as or more than they would have bought 20 years ago. People who deposit money in a bank should expect to earn interest in return for their discipline.
The US economy is precariously balanced on the confidence of the rest of the world, and nothing more. We print dollars and offer nothing in return. If the world economy determines that the Chinese Yuan, gold, or any other currency is more stable, and therefore a better tool for international trade, the impact on the US will be disastrous.
We need to stop making silly jokes about how McDonald’s employees deserve $15/hour (or any other arbitrarily asserted pay rate), and start figuring out how to produce real goods that the word wants.
With or without cause, the loss of global confidence in the US will be catastrophic to our economy.
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