Jack Welch, former CEO of GE, where he amassed market dominance with assistance from the government, to essential create a monopoly and exploit the working man without care of the broader economic impact, was on Bloomberg News the other day.
Paraphrasing what he said, Welch claimed, after commenting on how government intrusions into markets and companies is destructive, said he supported a minimum wage. Not only did he support a minimum wage, he also supported, to what he defined as "marginal increases" to the minimum wage over time.
Of course, he tempered his remarks with essentially saying we shouldn't raise the minimum wage up to $10 an hour because that will cause chaos, and that the minimum wage should increase marginally (code for not very much, and not very frequently, if at all).
The problems with such a statement are numerous, discounting for the moment that a minimum wage is nothing more than the state, using undemocratic power, to legalize theft upon laborers, by those who do not labor. If we discount that for a moment, the minimum wage has been stagnant over the last five years, so the "marginal increases" Jack was speaking about, are already past due.
If we look at the last 20 years, the minimum wage has only gone up five times
. In fact, if we were to keep up with inflation along those "marginal increases", the true minimum wage would be around $22 an hour today that should be the starting point, and not be considered some mythical utopian scenario.
In reality that would only earn a full-time laborer $42,000 a year before taxes, still woefully inadequate to create a completely autonomous citizen who is not reliant upon the state for their own survival.
If we return to the bigger point, minimum wage laws, are nothing more than a way to legalize the theft of the laborer's production both short and long-term, why would we sanction such things?
The unionist will shout out to me, "To allow labor to organize, to not be turned into slaves!"
The champions of equality will shout out to me, "To allow laborers to not be exploited, and earn a decent living!"
The politicians' will shout out to me, "You need our minimum wage laws to protect you from the barbarianism that is unregulated capitalism!"
And what will be missed, by all this shouting, is that you are operating in a system that seeks to turn humans into exploited, preyed upon slaves, without returning to them their rightful earned means to survive from.
If you're going to support a measure that makes legal the plunder of your own future, then at least get all that you can, and demand a real increase to the minimum wage, which would be $22 an hour - do not settle on $10 an hour, you'll barely be able to pull yourself out of poverty at that rate.