1) What would stop the income disparity from widening? After all, corporate profits are already at an all time high and the board of a corporation has a fiduciary responsibility to maximize profit which includes minimizing labor cost as much as possible. Small business owners have the same mentality. It’s every man for himself in a republican world right? Even at this juncture, the 3 wealthiest people in this country own more wealth than the bottom 50% of workers. What’s to stop that from getting worse?
2) How would wages keep up with ever rising inflation?
3) How would average joe afford healthcare if prescription drug and medical costs only rose and Medicare/Medicaid would have to pay the bill? What if that wasn’t enough? What if one’s insurance doesn’t include life saving cancer treatment that is too expensive out of pocket? That person has a high deductible because the insurance company he is vulnerable to wants to maximize profit.
4) What’s to stop corporations to put whatever carcinogenics they want into their products? It’s not like average joe consumer would need to be aware of this. He would get cancer and no one would know why. Corporations could say whatever the **** they want in their advertising. All that would matter is that the carcinogenic product increased profits. Think of chemicals sprayed on your produce to make them taste better and have more natural-looking color.
5) What if there was no minimum wage? You may think a corporation wouldn’t pay below that because it makes their position seem less attractive to the worker, but if every corporation individually and independently had the power to set their own wages, what’s to stop them from dropping to $5 per hour? $5 per hour could become the new standard. Why wouldn’t this happen?
6) Oh and let’s think of labor laws. Maybe the new standard would be that a full time job would never guarantee benefits? How about if corporations made it so you legally couldn’t have days off? The fat cats at the top could take whatever vacation time they wanted, but average joe working the cash register brings in more capital by working every day at a shitty wage.
7) What’s to stop automation from replacing more and more jobs thus making human required jobs extremely competitive?
#1) Did those wealthiest people steal from the ones that are not as wealthy? No. So why do you care if they are wealthy. LeBron James is super wealthy but not as wealthy as Bill Gates. Do you think LeBron and Mrs. James fight over the cable bill? No? Your pretense is stupid.
#2) Market economics. If companies want the best people they will entice them with compensation and benefits. If I don't pay my people the best wages they will go to a competitor. Duh. Take an economics class.
#3) Then that person goes to friends, family, church to get the funding. Forcing a doctor to give you free medical treatment is thievery. Do you force your plumber to fix your toilet if you cannot afford to pay him? When buying insurance you need to make sure it covers disasters such as adverse medical conditions. Shop around.
#4) You mean like big tobacco with their lobbyists? We have the FDA to regulate this but if people started dying from using a certain product that company would go out of business fairly quickly. Companies want to make money not go out of business.
#5) If someone pays you $5 per hour and I want you as my employee I'll pay you $10 or $15 or $20. You're talking blue collar jobs mostly because for example engineers can go where the pay is highest. They don't have a union. If someone is being cheap and paying them $80k per year then a competitor can pay $100k and take them. The company paying $80k will have employees who are not a good and likely won't be as innovative as the one paying more and will lose out and may go down. Paying $15/hr min only hurts small businesses. Home Depot and WalMart can easily absorb it and it kills their competition. Gov't needs to butt out!
#6) This isn't slavery. Benefits and time off are part of "compensation". Those companies would go out of business.
#7) It is happening now. At $15/hr. Wendys can have robots take your order and it would be cheaper than paying low skill level people $15/hr.
You need to take some business and economics classes. With all due respect you sound very stupid and uneducated. I am shocked you know how to use a computer.