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View Diary: Thoughts on the Minimum Wage: Evidence, Opposition, and Historical Context (23 comments)

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  •  Ain't that the truth: (8+ / 0-)
    If the free-markets won't compensate workers for the increases in productivity, and capitalists are instead hoarding all added growth and production, then a valid role of the state would be to support policies that encourage equitable distribution of added growth. Absent this, capitalists in the United States have been leveraging the reducted bargaining power of laborers to produce exhorbitant profits and redistribute shares of income upwards from added corporate profits.
    I would add that one of the things which historically ended the gilded age and brought about more equality (i.e. more equitable distribution of wealth, as well as more rational policies by corporations re: investing in the future rather than short-term profit taking) was very high taxes on wealth.

    I suppose that makes me an FDR socialist.  ;-)

    Irony takes a worse beating from Republicans than Wile E. Coyote does from Acme. --Tara the Antisocial Social Worker

    by Youffraita on Thu Feb 14, 2013 at 10:56:19 PM PST

    •  That's why the estate tax is so important (7+ / 0-)

      The thing i'm worried about is that all these wealthy baby boomers are going to stash their cash in untaxable estate loopholes so that they can just continue to amass wealth within their family or foundation, and that will perpetuate the culture of inequality.

      There are already easy legal ways to escape the estate tax, while still passing on wealth to future generations with trusts and other entities.

      It's going to become a really obvious problem in the next decade or so, as wealth that should be taxed and redistributed for the benefit of society will remain concentrated amongst elite families.

      Deficits don't matter, jobs do.

      by aguadito on Thu Feb 14, 2013 at 11:30:54 PM PST

      [ Parent ]

    •  I think we can safely say (0+ / 0-)

      that 'free markets' do nothing for workers.

      The banks have a stranglehold on the political process. Mike Whitney

      by dfarrah on Fri Feb 15, 2013 at 07:26:47 AM PST

      [ Parent ]

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