theflyingexecutive posted:

Here's my 5yo take on the macroeconomics of the situation: when wages are low, profits float to the highest earners. Those earners spend money on foreign cars, extravagant vacations, minimally taxed investments and the like. Someone going from $8 to $15/hr would spend that excess on goods taxed at higher rates than rich person poo poo and more likely within their own communities (property and sales taxes), raising the standard of living for everyone around.