That's why I said, reduce poverty, rather than eliminate it. The poverty line is increasing and it is due to inflation.
How would the money go further if it is continuing to decline in value due to inflation? You have to stop printing money into oblivion first. Eliminating the minimum wage would just put us back to 1938 where the people were frustrated that their money wasn't buying as much, which means they'll want minimum wage reinstated.If we decriminalized working - what I propose - we would have fewer people unemployed and our money would go further. Having to fight the Fed first, while admirable, is unnecessary (to improve this particular aspect). Fight the Fed (!) but don't cockblock the people fighting other abuses of government.
Actually, it's what Ron Paul says when he talks about treating the disease, and not just the symptoms. The minimum wage was essentially a symptom of the Fed's disease (inflation). Cure the disease. End the fed.That same thing is repeated thousands of times about million-dollar and billion-dollar government expenditures and the result is trillions of debt.
Agreed that the Fed and the minimum wage both suck.We don't need a minimum wage period and the Fed does nothing to improve the situation. They both suck. Even when we still had some degree of a gold standard, the minimum wage was devastating. I can't say which is worse (I include the drug war as a 'minimum wage' like issue) but the sooner one or the other or preferably both is gone, the better.
But of course the minimum wage is devastating on a gold standard—gold doesn't magically reproduce like paper does (which is why I like gold*). If gold could just be run through a copy-machine and reproduced, I promise that we'd get a minimum wage for gold currency. They would drive the value of gold down by diluting the supply until people demanded an increase in the minimum gold wage to make up for what they've lost—just as they have done with paper money.
I'm not defending statism. I think you misunderstood my tone.Why do so many people defend statism by putting up barriers to freedom? Why consent to the thought that we "need" a minimum wage? We don't and never did! I hear this all the time, "we used to need these child labor laws but today they are antiquated". Wrong! They were bad when enacted and they are still bad today.
I'm not arguing that the minimum wage is justified. I'm arguing simply that it was a cause-and -effect relationship to the Federal Reserve's policy of printing money endlessly. We should determine the cause and eliminate the cause (Federal Reserve Act of 1913), because if you just eliminate the effect (Minimum Wage Act of 1938), you're going to crush people between lower wages and a plummetting dollar value. (EDIT: it wouldn't personally be your fault, I mean, after all, you didn't print all that money, but that's what would happen—people would be paid less while the dollar continues to lose about 5% of its value annually)
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