Tuesday, May 14, 2013
Time -- or at least a place -- to switch "Great Wage Depression" for "inequality"
I finally came up with a justification -- in at least one segment of the labor market -- to switch in the words "Great Wage Depression" and switch out the wan, antiseptic word "inequality."
Much unemployment is due to Americans now willing to work for badly substandard wages -- especially for a minimum wage that is $3.25/hr below LBJ's 1968 minimum -- double the per capita income or productivity later!
Which super low minimum wage results in 100,000 out of 200,000 -- half! -- of Chicago's gang age minority males *working* for drug dealing street gangs (also results in schools not working because students wont make the effort when nothing reasonable is waiting for them in the labor market).
Progressive economists should research just how many Americans are unemployed because of super-low pay -- especially not for a minimum wage that would have to be *tripled* to catch up with a doubling of productivity over the last 45 years.