>>8135>It's not. People who work full time should be paid enough to make a living. Otherwise they are being exploited and it's not "fair".
If the minimum wage gets raised so that the value (to the employer) of an employee's labor is less than the minimum wage, then the fair price of the employee's labor (to that employer) falls below the minimum wage. And in such cases, the employee would most likely be laid off (thereby increasing unemployment), because the employee's costs outweigh his benefits to the employer. With rising levels of automation, there is a danger that a non-negligible fraction of the current workforce will become unemployable. How to deal with this will likely be one of the greatest challenges of this century. IIRC, there is some psychological evidence that most humans suffer in mental health in they fail to contribute to their society/tribe.>>8135> Someone like Donald Trump, who proports to be a billionaire, was only paying $750 in taxes before becoming President.
That was because (after including loss-carried-forward), Trump actually had a net loss
. Or he was committing tax evasion, in which case he should be prosecuted for it after Jan 20.
And that $750 is only a single type of tax, the federal income tax. There are other taxes (e.g., real estate tax, sales tax) that Trump paid.>>8136>It's as wrong as denying the coronavirus or global climate change.
I disagree. The existence of the coronavirus SARS-CoV-2 and the phenomenon of global climate change is known from direct observation mediated by scientific instruments, and the basic science underlying predictions of future climate change is (at least qualitatively) well understood. The epistemic status of economic theories is much less certain and their applicability may change over time as social and economic factors in the world change.