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).
http://www.cbsnews.com/8301-18563_162-57451996/gang-wars-at-the-root-of-chicagos-high-murder-rate/

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.
http://www.huffingtonpost.com/2013/03/18/elizabeth-warren-minimum-wage_n_2900984.html%3Cbr

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