Today, 12:44 AM
There are policies in place now. Can we vote for no government at all? No we can't. What we can do is replace policies with other policies. We have a minimum wage. The minimum wage is supposed to help workers who have no union. It's a core policy. We shouldn't be competing with China and the poorest counties on wages. We don't live in anything like a free market right now. Taking away the minimum wage just makes US Citizens poor. If someone is going to fix every market where there are oligopoly conditions and make those markets into ones characterized by perfect competition, great, do that, and you'll be able to get rid of the minimum wage then.
Government takes so much of our money, there just isn't money left in our pockets to bid up, through our own consumption, the price of labor. The government is buying new spies and new bombs every day with our money. We don't enough of it to give to the people making minimum wage. Our economy has been twisted so far from where the old textbooks were, that piecemeal revisions won't have positive benefits. The government does not want to buy the work of minimum wage workers. My understanding is that there are rules that state that businesses doing business with the government have to pay higher rates to their workers. So, our taxpayer money goes to overpay workers. If I actually wanted to buy what the government was buying on my behalf, I'd be able to buy it cheaper than the government can, so they aren't doing the best they can. In order for the magic invisible hand to work, none of these things are acceptable - they break the theory. All the pieces do fit together right, but so many of the pieces are broken and dysfunctional. The invisible hand doesn't allow for huge government spending. If there's huge government spending, it's not the invisible hand guiding the market, it's the government. If you lower the minimum wage or fail to raise it, you're not getting to a good outcome, you're just getting poorer workers. The government is in charge of the economy, not the invisible hand. In an ideal world where the invisible hand is in charge, no minimum wage is necessary. But, today and 50 years ago, it's the government who is in charge, not the invisible hand, so poor folks get screwed, that's it, no great outcome.