Since the Occupy Wall Street demonstrations, there has been constant talk of the one percent. It has become nothing more than a buzzword, code for more government, higher taxes and dismantling of capitalism. It has transformed into a nauseating discussion these days.
At around the same time, there has been a push for a higher minimum wage, including the “Fight for $15” (See: 2 reasons why unions are dangerous proponents of ‘Fight for $15′), which is succeeding in numerous U.S. states and cities, including Los Angeles and Seattle.
But what if these people who now earn this $15 minimum wage are placed into the top one percent of global wealth? How would the argument go?
Tim Worstall, a fellow at the Adam Smith Institute in London, published an article on Forbes and opined a $15 minimum wage places all U.S. workers into the international one percent by income.
“A $15 minimum wage would put all workers in the U.S. into the global 1 percent by income,” he wrote. “Given that the U.S. labor force is rather larger than merely 1 percent of the global labor force this isn’t really going to work, is it?”
He added that he’s against the minimum wage altogether since it affects less than four percent of U.S. workers.
“In theory I’m against there being a minimum wage at all,” he states. “After all, 96 percent of Americans earn more than the current one so there’s obviously something other than just that minimum wage which causes decent wages to be paid.”
This comment may garner the vitriol of unions and labor activists in the U.S.: “And finally, I’m sorry, but I really do not see the justification for low skill labour, just because of the happenstance of it being located in the United States, being justly and righteously placed in the top 1% of global income earners.”
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