^

Its not fixable anymore

Systems tend to self-correct

Unless people riot

Or all die

they are doing that anyways

For example, black unemployment in the recession year 1949 of lower than in the most prosperous years of the 60s and 70s.

Minimum wage is a forcible distortion and a misstatement of the value of labor in a market.

of course, social programs alleviated the need to work

If you want to hand someone money, you can do so, but a market distortion is simply that: a distortion.

And your not wrong undead

the 60-70s added a lot of incentives to not work, where the 40s had you need to work to eat

I can agree that your right

My problem with minimum wage is that, genereally speaking, if you set a bar, people will rise exactly to the level of that bar

But just becuase your right about that does not mean we should lose the minimum wage

If you go to get a brand new job right now, changes are they will offer you exactly minimum wage

large spikes in social program spending also coincides with large spikes in unemployment

The minimum wage has inflated our dollar to a point where without it, we would be screwed

We would all starve

I think that is hyperbolic

Actually he has a point

Also, if a low pay means that someone is exploiting someone else, wouldn't that mean that everybody could be the "exploiter"?

And if everybody is "the exploiter" who is exploiting whom?

There is no exploitation. The wages simply reflect the relative value of the job in the given market.

Society will crumble at its knees

The whole talk of "exploitation" is infantile nonsense.

Mass rioting, murder

low negoiated pay is the workers fault, low average sector pay is social engineering

Theft

Huh?

Starvation

No, if labor is cheap, that means that YOU can also employ someone cheaply.

and using social engineering to artifically deflate wages is exploitation

I think he is just being hyperbolic at this point

Why would that lead to starvation?

Yeah but employing cheaply is not selling cheaply

If labor was cheap, and you needed someone for the harvest, that would also mean that YOU can employ someone cheaply.

Food would be the same

No one could buy

We would die

In fact, one factor in raising the cost of labor is that employers tend to hire fewer people and automate more.