Okay, so if giving a smaller group of people who earn minimum wage a 10% increase would cause these price increases, wouldn’t it be far worse to give everyone a flat 10% personal income tax cut? Surely that would make inflation go absolutely bonkers as greedy capitalists all raise prices to gobble up the extra money flowing into the hands of the people and leave them no better off right? How about we raise taxes instead and the opposite happens, people can’t afford these things and corporations and landlords are forced to drop prices to meet the new “supply” of general wages, making no material difference to the individual person but instead clawing that money from the capitalists back to the government who can spend it on public works like infrastructure, welfare, even subsidized housing for low income earners?
Okay, so if giving a smaller group of people who earn minimum wage a 10% increase would cause these price increases, wouldn’t it be far worse to give everyone a flat 10% personal income tax cut? Surely that would make inflation go absolutely bonkers as greedy capitalists all raise prices to gobble up the extra money flowing into the hands of the people and leave them no better off right? How about we raise taxes instead and the opposite happens, people can’t afford these things and corporations and landlords are forced to drop prices to meet the new “supply” of general wages, making no material difference to the individual person but instead clawing that money from the capitalists back to the government who can spend it on public works like infrastructure, welfare, even subsidized housing for low income earners?