Elections are approaching once again, and politicians are shouting about raising the minimum wage, here’s what they won’t tell you.
Actually, the minimum wage alone means nothing at all, it all comes down to the living wage, but most politicians won’t tell you that.
Patrick Bet-David, an American entrepreneur and financial adviser did a detailed analysis on the minimum wage and what’s really going on, here’s what he found.
With that being said, the current minimum national minimum wage in the United States, does not support a livable wage for the employees, and raising it would just result to higher living wage.
Instead of the minimum wage raises, which don’t really make any difference, something that would actually work in practice, is Andrew Yang’s Freedom Dividend, a form of Universal Basic Income.
Today, most Americans are living paycheck to paycheck, so they can’t even afford to get the times required to find the job that fits them, damaging that way the labour market and the US economy itself.
Andrew Yang’s Freedom Dividend would provide every citizen with an economic floor which would allow them to change jobs, making the labour market more competitive, while not interfering in it like minimum wage does. According to study, a universal basic income would grow the economy by $2.5 trillion.
Conclusion: The minimum wage is a scam, because the more you raise it, the more the living cost will raise too, making the whole thing a mind game that politicians use to get more votes.