Im sharing this even though I dont completely agree with the Hogwash part of the statement. David Koch is right from a purely classic economics point of view. Dumping the minimum wage would cause about 20% of the poor to out hustle/out smart/out luck their peers to obtain higher wages. The remaining 80% would see their wages fall to compensate for the increases received by the 20% at the top. Poverty would increase and average wages of the poor would fall. That scenario is just fine with the Kochs of the world; they will be the inevitable winners. In a nutshell, that is what is happening in our broader economy. The luckier, better educated, smarter, better connected, harder working 20% are doing very well, while the remaining 80% fall further and further behind; increasing the gap between the top and bottom. The question for our future is how much of the common wealth of our nation do we want the already well off to capture. Left to its own devices, the economy will continue to bifurcate and the very top will grow richer and richer while the remainder get poorer and poorer. It is classic Economic Darwinism taken to its inevitable end. Only government intervention in the form of wealth redistribution programs like education, Headstart, Obamacare, food stamps, Medicare, Medicaid, Social Security, etc.; funded by progressive taxation can prevent this from happening. Its our choice.
Posted on: Sat, 26 Oct 2013 14:38:56 +0000
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