Host Scott Jagow and Marketplace economics correspondent Chris Farrell look at the growing divide among economists over what to do about the minimum wage.
Personally, I think the minimum wage discussion is somewhat beside the point. The real problem lies in the fact that our distribution of wealth has gotten too far out of whack. What is the point of a discussion about whether someone is paid $2.00 more per hour, went we have part of our populace earning thousands of dollars more per hour? We have sold ourselves on the idea that people can only be motivated to work, excel, produce, and perform by reason of economic incentives. We use this to justify huge disparities in income. Perhaps it is time that we somehow develop a standard which judges whether a job is pleasant and self-satisfying or unpleasant and degrading. The former jobs would of course be paid less and the latter more -- which is just about the opposite of what we are doing now.
I have watched the minimum wage increase cause job loss with my own two eyes. I've heard of it happening other times. Discard the minimum wage and institute a maximum wage. If no one made more than oh, say $50 per hour, all that extra money would have to go somewhere -- probably toward equity. No?
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