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this post was submitted on 26 Oct 2024
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Minimum wage shouldn’t ever be a specific amount, it should be a percentage tied to some other economic metric, so that as inflation or cost of living rises, wages increase with it as well. This BS of having to wait for out-of-touch millionaire Congress members to approve of minimum wage increases is ridiculous.
How about we just make minimum wage a percentage of the highest income in the country? Take whoever made the most money in a given year, divide that by 52 weeks, and then divide that by 40 hours. Then divide whatever the result of that is by 1000. This should be very reasonable basis. It still allows for a huge wealth gap, but asserts that nobody should make over 1000 times more than anyone else. You still get rich and poor people, so this is in no way a leftist policy. It's a very moderate middle of the road one.
Anyway, looking at 2023. Not even examining his true income and how much he blew doing who knows what, Elon Musk had $95.4 billion net gain in wealth that year. Divide that by 52 weeks, 40 hours, and 1000 - we should make minimum wage $45865.38 per hour. And if that's not reasonable or feasible, it just means he makes too much for the good of the economy.