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Politics : Ask Michael Burke

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To: Don Lloyd who wrote (91747)	8/21/2001 6:28:03 PM
From: Yogizuna	Read Replies (1) of 132070

Don, We used to argue back and forth on the old Prodigy in the early to mid-1990's about raising the minimum wage, and whether or not it would bring on higher inflation and unemployment. Folks would always try to convince me that the free market should control how much to pay anyone, and I of course would disagree with that, because in a pure free market, we would probably go back to having slaves on one end of the spectrum, and robber barons and royalty on the other.... In any case we had our raises in the minimum wage which was so widely put down and feared by my CEO and private investor Prodigy friends, and guess what happened? Unemployment kept going down, and inflation remained tamed! And no one thanked me for winning the incredibly long argument which went on for years. Now I am not pretending to know what the magical minimum "living wage" should be set at, but we can start by considering the costs of a family surviving with at least a minimum amount of comfort in different areas of the country, and perhaps even consider indexing the living wage both ways to the rate of inflation or deflation.

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