Cutting the minimum wage will create jobs in the U.S. and restore us to a vibrant economy. The Wall Street elite know this. They have been planning to rescue the economy for almost a year now.
Why haven't you heard about their plan for restoring our economy to full productivity and full employment? They think you can't handle this knowledge.
Can you? Want a sneak preview? Look below the fold.
Megabankers know that when labor costs in the U.S. match those of China and India, the jobs will come flooding back to the US.
Then, dormant factories will reopen, and there will be full employment. As a result, prices of consumer items will fall, and corporate profits will soar because U.S. businesses will no longer need to ship manufactured goods across the Pacific to the North American market. Imagine the feeling of pride in buying a high quality, American-made TV--and for less than the imported Chinese model.
Some people worry that lower hourly wages will prevent U.S. families from buying those excellent, cheap, "MADE IN USA" TV's. That very realistic concern prompted Wall Street economists to analyze the situation. They concluded that when jobs become available again, individual income may decrease, but what they call family purchasing power will remain about the same or even grow a little. They predict this will occur rapidly as the number of incomes per family increases.
Family Purchasing Power, or FPP is a new term created by Wall Street economists to help us understand the dramatic changes that will bring the U.S. back to full employment. In fact, the number of people employed in the U.S. is projected to exceed the previous highest employment numbers by 22% within 6 years.
A huge pool of workers and their untapped earning power exists in the United States. Any doubts about this fact? If so, visit a high school, community college, or shopping mall near you. There you will see a myriad of unemployed, non-productive young people. Many of them remain in school--not because of intellectual curiosity or desire for knowledge--but to socialize, buy or sell drugs, find sexual partners, or simply because prolonged dependence on their parents is easier than working.
For decades, the U.S. government has supported the extended adolescence of these youths because there were no jobs for them. Frankly, it has always been safer for society to have unemployed youth doing "education" than gathering in the streets demanding jobs.
Now we are entering a new era where young folks will find greater purpose and fulfillment in productive, remunerative work. The new economic situation will require that all members of a family unit become productive. No longer will government have to support a sham system of "education" to absorb the unemployed multitudes. With jobs for everyone, the system of second rate schools full of uninspired youths will disappear.
The full employment economy (FEE) that will accompany lower wages, will require that more members of each family be employed to maintain the family's standard of living. We predict that this will be of great benefit to many of today's floundering adolescents and marginal college students. These youths often frustrate or annoy their parents, who support them financially during their search for the meaning of life. This economic change will rapidly change parents' perceptions of those laggards as they become important, sustaining members of the family.
The FEE may cause other unexpected changes in society. For example, cultures with large families may enjoy a significant gain in their relative economic position because of the many individuals who can add their earnings to the family purchasing power.
In summary, a lower minimum wage, and lower wages overall in the U.S. will lead to full employment and restoration of our manufacturing capacity, but not to a decrease in family purchasing power; this assumes that the earnings of currently idle youth will be added to family income as more and more attractive jobs become available. "Educational warehousing" of unemployed youths will automatically decrease as the number of good jobs grows.
With a view to these facts, raising the minimum wage makes no sense. In fact, I'd suggest cooperating with the mega-bankers to reduce the U.S. minimum wage to the level of China or India. That will make the U.S. more productive, and more competitive in world markets, with a dramatic increase in corporate profits. The gains of the FEE will not be purely monetary. As a result of full employment of young people, we should also see a reduction in crime and in unwanted teen pregnancy. It may be too much to hope, but FEE may even reverse the uptrend in adolescent obesity.
SNARK--with apologies and compliments to Slinkerwink for her heartfelt diary of 6/10/11 on We Need To Raise The Minimum Wage
Look for my next diary on the benefits of relaxed child labor laws.
We'll look at the psychological benefit to the child of making a real financial contribution to the family. I'll also discuss the latest research suggesting
that factory work is less psychologically harmful to small children than watching television.