The richest 1% appropriated 82% of all new wealth created in 2017
Sally, an average McDonald’s employee, had unpaid bills last month. Why? She is not paid sufficiently to cover all her living expenses. Sally had to choose between food or electricity.
There is a solution to this problem.
A minimum wage increase to $15 per hour. Now, not in 5 or 10 years.
Organizations all over the world have taken up the $15 cause. The Poor People’s Campaign (USA), Living Wage Foundation (UK), $15 and Fairness (Canada), Fight for $15 (USA), and the Food, Beverages and Catering Union (Germany) have all joined the movement.
These organizations and others organized strikes against employers. They had general strikes across whole countries and workers walked off the job at McDonald’s, Amazon, Uber, and other businesses.
Corporations and the Rich have systematically attacked their workers. Instead of trying to give their employees a nice life. They hammer at workers rights. They fight every minimum wage increase by buying off politicians.
Millions of people have joined the Fight for $15 movement in over 300 cities on six continents.
Raising the minimum wage makes good business sense.
The Rich do not spend most of their paychecks. They keep the excess money in their bank accounts and investments.
Minimum wage workers do not have excess money. They spend most of their paychecks which stimulates the economy. If their earnings increased, they could stimulate the economy.
Raising the minimum wage does not cost the government any money. It increases tax revenues with more money cycling through the system. There are increases in personal taxes from workers, and in sales taxes.
Businesses need customers to create job growth. They need new customers and existing customers to increase spending.
Trump’s tax cuts did not create jobs or stimulate the American economy. The Rich took the tax cut and parked the money in their bank accounts where it sits idling instead of stimulating the economy.
Mark Carney, Governor of the Bank of England, called it “dead money.” It does nothing to create additional demand for products.
Businesses restrain the number of products they produce if they cannot sell them. The money sits in a bank account hindering job growth.
Raising the minimum wage reduces inequality. Especially in vulnerable populations such as women and racial minorities.
Almost 60% of minimum wage earners are at least 25 years old.
According to the Wellesley Institute, women account for 58% and racial minorities for 35% of minimum wage earners. Racial minorities account for 19% of the entire population. Thus, racial minorities earning the minimum wage is 47% higher than for the entire population.
When young people can earn decent wages, they can leave abusive situations at home. They can live independently when necessary without having to rely on the government.
Students have high costs of tuition fees, housing, and living expenses. Young people are often students using their earnings to pay for their education.
Final Thoughts – Millennial Socialism Economist
In the news, there has been a shift in young people’s attitudes toward capitalism. The Economist had a cover story called “The Rise of Millennial Socialism.”
They have seen their declining living standards. While a few wealthy people keep all the new wealth created. They cannot afford to buy a home because they have to pay off their student debts first.
Big corporations oppose an increased minimum wage. They worship profits over workers living standards.
People saw austerity governments that do not invest in increased living standards.
Conservative governments, think tanks, and political organizations fought to keep government spending down. Not even a $1 increase in the minimum wage which costs the government nothing to do.
With more money cycling through the economy. The amount of tax collected increases.