this post was submitted on 05 Jul 2023
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Interesting take. But the measures you suggest to increase the value of labor will also increase the costs of goods, which would impact the working class more than the wealthy, no?
Currently, very little of the cost of goods is actually being invested back into America; offshore production funnels money to other countries and price gouging by the rich funnels money into their own pockets. While the cost of goods may go up, that money is being spent paying for domestic labor and domestic production infrastructure, creating more jobs domestically. The more jobs that are available, the more valuable labor in America becomes, which we are seeing today in the post pandemic era as many businesses are forced to raise wages beyond minimum wage to hire employees