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American culture has always been "every man for himself" cut throat capitalism. Oh yeah, and with Australia's high prices and cost of living $15 is like our $7.25.
Higher minimum wage means higher priced goods means people will still only be able to purchase the same amount of crap.
You picked up just enough economic theory to hurt yourselves by invoking Say's law. That only works in debt free, competitive markets. The actual effect would generally either reduce real private debt, if the money supply increase by large public deficits , or the economy would shrink some due to money supply constraints. However any sort of rentier or retiree would also see an impact, basically in the opposite way we have seen those who benefit from commodity inflation in the cash for trash creditor, money printing deals.Not sure why higher wages being artificially propped up is so much worse then commodities and real estate being jacked up, but then that constituency tends to be well heeled.
And they have universal healthcare, much lower cost of higher education, and a very business-friendly environment. All while being a very diverse nation.
What is Australia doing right that we are doing so wrong?
American culture has always been "every man for himself" cut throat capitalism. Oh yeah, and with Australia's high prices and cost of living $15 is like our $7.25.
Quite true. Their housing industry is far worse than ours.
You picked up just enough economic theory to hurt yourselves by invoking Say's law. That only works in debt free, competitive markets. The actual effect would generally either reduce real private debt, if the money supply increase by large public deficits , or the economy would shrink some due to money supply constraints. However any sort of rentier or retiree would also see an impact, basically in the opposite way we have seen those who benefit from commodity inflation in the cash for trash creditor, money printing deals.Not sure why higher wages being artificially propped up is so much worse then commodities and real estate being jacked up, but then that constituency tends to be well heeled.
I understand economics a decent amount. My argument is theoretical, this countries situation is much more complex than one sentence, though the point still rings true.
The only thing that will save this country from its dept is inflation, through printing money, baring some war with china or some invention that changes the world and is only built here.
I understand economics a decent amount. My argument is theoretical, this countries situation is much more complex than one sentence, though the point still rings true.
It rings true in completive markets, not if something is monopolized. Otherwise someone is pushed to the indifference curve aka subsistence level .If it drops below that, then someone is being forced to subsidize it. Our current market basic wage is certainly being subsidized by the social safety net.
Quote:
The only thing that will save this country from its dept is inflation, through printing money, baring some war with china or some invention that changes the world and is only built here.
All money in our system is created as debt so how will inflation save us from debt? Show me one monetary instrument backing our currency "note" that does not say "note" itself. When the Fed buys mortgage notes, what are they buying? Debt. Let me know when the Fed buys rocks and we'll talk.
fear not, in several years we will be taxed to death. especially if the environmental folks get their way.
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