This would have never been an issue if the minimum wage had kept up with inflation. Why did Capitalism fail Labor as the least wealthy in our economy?
DanielPalos, regardless of their economic or political systems, almost all, (if not all the world’s major economic nations’ governments’ have something similar to or serves the purpose of minimum wage rate laws in the USA. Inserting considerations regarding capitalism or socialism within this topic is irrelevant to this topic.
Respectfully, Supposn
I would disagree. There are several first world countries that do not have anything that prevents an employer for offering $4/hour to get people to work.
The reason employers in Denmark do not pay $4/hour to flip burgers at McDonald's, is not because of government or Unions, but rather because of supply and demand.
The supply of low-skill, no-skill labor in Denmark is a tiny fraction of what it is here. People simply don't work for low wages. As result, the supply of low/no-skill labor being low, and the demand being (by relative to the supply) high, results in wages being high.
Government didn't do that. Unions didn't do that. Regulations, and/or anything else didn't do that.
The free-market, and people choosing to not work for low wages, did that.
The same could be true here in the US. If people simply refused to work for low wages, by either getting a degree, or getting a skill, or simply starting their own businesses.... low-skill no-skill wages would rise, as the supply of low/no skill labor shrank.