On February 22, 2013, John Light writes on Bill Moyers’ What Matters Today blog:
Today, a single parent earning minimum wage takes home $15,080 a year. That’s $3,400 below the federal poverty line for a family of three. President Obama noted the statistic in his State of the Union Address — “That’s wrong,” he said, calling for an increase in the minimum wage to $9 an hour because “in the wealthiest nation on Earth, no one who works full-time should have to live in poverty.”
If minimum wage workers saw the same massive increases in income that the America’s richest have enjoyed since the 1970s, the lowest-paid worker in America today would be making $28 an hour.
John Light is yet another conventional thinker who believes that we should tie the minimum wage to the “productivity performance” of the economy’s “overall” capacity to generate income He is oblivious to understanding the reason for “productivity performance” gains.
The minimum wage proposal is a band-aid approach and does not effectively deal with the exponential loss of income due to tectonic shifts in the technologies of production that destroy and devalue jobs. Employers, as an increase business cost, will pass on the differential to their customers. To address poverty and the ever constant income inequality requires that we significantly improve the income prospects of EVERY American, especially those still under the poverty line and embrace FUTURE technologies that will result in more efficient production of the products and services needed and wanted by society.
This requires a solution that broadens private, individual ownership in FUTURE productive capital investment to enable EVERY American to acquire an income-producing capital stock portfolio that fully pays out dividend income. As a result, economic growth will soar to the double digits and REAL jobs will result that are necessary to the building of a FUTURE economy that supports affluence for EVERY American, and finally once and for all, eliminates poverty in America.
President Obama came out strong in his address – unveiling his second term vision and pushing hard for real action on everything from growing our economy to real immigration reform. The fight continues to make these goals a reality, but it won’t be easy.
“It’s our unfinished task to make sure this government works on behalf of the many, and not just the few.” President Obama State of the Union.
President Obama reinforced JOB CREATION funded by taxpayers and the private sector, but NEVER addressed OWNERSHIP CREATION and the necessity of building an OWNERSHIP CULTURE.
A National Right To Capital Ownership Bill that restores the American dream should be advocated by the progressive movement, which addresses the reality of Americans facing job opportunity deterioration and devaluation due to tectonic shifts in the technologies of production.
There is a solution, which will result in double-digit economic growth and simultaneously broaden private, individual ownership so that EVERY American’s income significantly grows, providing the means to support themselves and their families with an affluent lifestyle. The Just Third Way Master Plan for America’s future is published at http://foreconomicjustice.org/?p=5797.
Support the Capital Homestead Act athttp://www.cesj.org/homestead/index.htm andhttp://www.cesj.org/homestead/summary-cha.htm
