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Originally posted by mnemeth1
reply to post by ANOK
Yes, without capitalism (free trade and private property rights) manna would rain from heaven and roast quail would fly fully cooked into the mouths of the masses.
Rainbows and sunshine would cover the skies and there would be a home for every plebe.
Just like 1940s Soviet Russia.
HOWEVER - here's the rub.
If I can collect just enough to get by without having to work, no matter what you do with minimum wage laws, you will create a class of people that simply chose not to work. This is the disutility of labor in action again.
This will not eliminate poverty or wipe out the welfare class. It is certainly better and more logical than having a minimum wage AND having welfare, but it is not a complete solution.
Is it better for me to reduce my work hours at 6.00 per hour so I stay below the 833 cut off point? yes.
If we say a person gets 1,000 a month in welfare if they make below 10,000 a year. No matter how you slice it, there will be disincentive points that act to keep people from earning above 833 a month. Lets say I earn 2.00 an hour working 40 hours a week, so my monthly take home is: 80 * 4 weeks + 1000 = 1320
If I get a raise that pays 6.00 per hour, I now make 960 per month - so no more welfare - my monthly take home is now 960 per month instead of 1320 per month.
No welfare. No minimum wage.
Along with this though, we must have a sound system of money and no taxes. If the government is actively taking from the private sector and redistributing that wealth to itself and its cronies, this will devalue the earnings of the lower class.
We can't allow the government to devalue the currency and expect people to be able to earn a living at the lowest wage rates. Otherwise what must be done to compensate for the loss of wealth by the low wage earners is we must take from only those who get the new money and largess of government.
That is to say, a proper system of "taxation" to pay for the welfare (even though this is still bad) would be for government to "print" the money necessary to pay for the welfare and to heavily tax government employees and contractors. The largest burden of taxation must come directly from new money and the public sector.
Employers can not exploit their employees in a voluntary system of employment.
As for robots taking over the planet. - this too is impossible. If robots could do everything, we would all be rich and never have to work. I pray for the day this happens. We would have total abundance without having to work for it. Everything would be totally free, since it would require no cost to produce something. I could sell paintings on the side and earn enough to buy a Mercedes Benz.