pull down to refresh
0 sats \ 0 replies \ @Solomonsatoshi 4 Jan \ parent \ on: Help me understand minimum wage logic better econ
No, where there are right wing neoliberal-libertarian governments in power they do not increase the minimum wage to account for inflation and thus the lowest paid get pushed further into poverty.
My country New Zealand is an example of this right now where the current neoliberal government refuses to increase the minimum wage sufficiently to match inflation. This is causing a growing decline in economic output not seen in other developed economies.
Domestic facing businesses suffer the most as demand from low income earners declines and causes a spiraling decline in the domestic economy.
Classic example of the tragically flawed 'logic' of neoliberal-libertarian dogma.