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Joined 1 year ago
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Cake day: June 26th, 2023

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  • Yep.

    Give a rich man a dollar and all you’ve done societally is remove a dollar from the economy. If you instead make him give that money to his employees things change, but cause poor people actually need money and will spend it.

    You give a poor person that dollar through increased minimum wage and they spend it at a business. That business now makes more money, which is passed on to its employees through the increased minimum wage, and they spend that dollar again.

    And again.

    And again.

    That dollar you took from the rich and gave to the poor drove a lot more than a dollar’s economic activity.

    OH - and it’s also taxed every time it changes hands, so it also brings in more than its initial value in tax revenue.