Rantings and tirades of a frustrated economist.
Sometimes it seems like the minimum wage is one of the only things still supporting the value of US currency in its present state, since inflating the minimum wage seems to pretty well directly lead to general inflation.I wonder what would happen if we actually admitted this as a fact and officially based the currency on a sort of labor standard. Rather than have a minimum wage, the currency would be backed by the calculated value of a 'baseline employee' at some set hourly rate. Suppose that means a fresh high school graduate with no prior job experience or criminal record, in a hypothetical area where the amount of competition does not exceed the number of available jobs. The rate could be set at anything, really, so long as it is not fiddled with once set. So for minimal upheaval suppose it's $6/hr.The only major problem I can see with this is if the commies get control of the system and then screw up the currency by insisting on paying people for useless things like "community organizing".
I looked at the BLS.gov site and could not find stats on the number of minimum wage jobs, but it would be good to see if the number of jobs goes down as the rate goes up.
thank goodness!!!! it more precious than 50 cent :)
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