Ending poverty in our lifetime
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© 2008 Michael Swickard, Ph.D. “A peasant must stand on a hillside with his mouth open for a very long time before a roasted duck flies in.” – Chinese proverb The new minimum wage law in New Mexico took effect this week, boosting the wage from $5.15 to $6.50 an hour. In effect, the government urinated in the soup so poor people could have more soup. The problem with raising the minimum wage is that it puts the productivity-to-wage continuum out of balance. Companies must do something to get it back in balance. Typically, they shed the least-productive members of their staff, the minimum-wage workers. Continue Reading