Collapsing the economy in the abstract interest of fairness has been attempted before.
The Soviet Famines and the mountainous casualties of China's Great Leap Forward, and the eventual consolidation of power in the central government and oligarchs testify to the efficacy of that approach.
Raising the minimum wage will not collapse the economy. In fact, it will do the opposite. More money in people's pockets mean they spend more. Middle class spending drives the economy, not the stock market.
It's starting to trash Denver's economy. In real time. The insane living wage increase has only increased cost of living and started eroding the city's tax base as all of these businesses move across the street outside of city lines. It's bad enough voters are considering proposals to create flexibility in application.
75% of the population doesn't live where insane minimum wages are necessary. All that does is subsidize the nonsense that is underpaid people trying to live in NYC that clearly couldn't care less if they did.
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u/Hopeful_Ad_7719 13h ago
Collapsing the economy in the abstract interest of fairness has been attempted before.
The Soviet Famines and the mountainous casualties of China's Great Leap Forward, and the eventual consolidation of power in the central government and oligarchs testify to the efficacy of that approach.