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Would you invest 8 year to be a doctor at 100K+ for the reward of 200k a year. Besdies that emans other will have to make less in reality.
Doctors in most countries make less than 100K and their health systems are fine.
So, the answer to your question is yes.
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It alos means deep cuts in any welfare program since the top 10% pay 70% of the federal taxes. one can go to many country where none make 200k even and mnay below them starve.Right not mnay coutnries are in crisis because they have failed to competete because they have dommed their GDP to little.
The Welfare system will be completely overhauled under this new system.
There won't be such a thing as 'the top 10%' - that will be looked back upon as the dark ages are now.
This thread ought to be moved to Unexplained Mysteries & the Paranormal, because it is truly an unexplained mystery that you cannot grasp the most rudimentary concepts of Economics.
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Originally Posted by Kenneth-Kaunda
I want the wage to be relative to the minimum, not the median.
It doesn't matter what you want. The Laws of Economics reign supreme.
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Originally Posted by Kenneth-Kaunda
If min wage is around 10k/yr , then a 200K maximum is already 20X that - should be enough for most people to live off comfortably!
You are not the arbiter of what ought to be comfortable to people.....that is a personal decision, based on the exercise of personal liberty....which is a concept you obviously despise...
...not to mention completely anathema to Democracy (thus the claim of trolling is justified).
People lower down the chain will gain higher wages, at the expense of those higher up.
So in this scenario, consumption will actually go up, thus creating more work.
That is a good thing.
Consumption would NOT go up. Nothing in the history of economic systems supports your claim. Please re-read my post.
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Originally Posted by Kenneth-Kaunda
How on Earth did you come to that conclusion.
If you earn less you must work MORE.
There is even an old fashioned conservative saying: 'How do you make the poor work harder? Answer: Pay them less!'
And that's quite true.
If my wages were suddenly cut I'd have to put in extra hours not less.
So you really have this one back to front entirely.
And let's not forget, the 200K wage ceiling would not affect most people anyway (directly at least)
Again, try to read my post. Look at what happened in any country in history that imposed wage ceilings and tell me if you are correct. You cannot blindly look at earnings. You have to look at predicted future earnings as a ratio to total estimated lifetime wages. You are contracting the net size of the pie, incentivizing less earnings due to contracted productivity gains and contracted technological progress. Things will stop costing more as progress slows, and following that the average person will earn less due to the marginal benefit of leisure over work.
With all due respect, what economic theory, research, or historical system are you basing your assumptions on, because it seems like you are just making this up as you go.
That is the idea - no more private jets or yachts at the expense of those who actually work for a living.
Oh come on Dude. I'm as liberal as they come, and I don't believe in exploitative hiring practices - but you've got to be kidding if you think that high income earners don't work their asses off.
And we still need to reward those who are innovative risk takers, ie entrepreneurs.
There's a middle ground here.
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