Posted by
This Guy on Friday, August 04, 2006 3:10:09 PM
Sorry for the lack of postings this past week, but I've been feverishly working on my plan to end poverty in America, and I think I've finally got it worked out. It's surprisingly simple, which is, I believe, why everyone has overlooked it so far.
I had to do quite a bit of research to get all the math right, finding
characteristics of minimum wage workers in 2005 and corresponding
tables of data, and what not, but at last I am ready to unveil what I like to call An End to Economic Woe for Our Generation.
Step 1: Raise the minimum wage to $96.15/hr
Step 2: Prosperity for all!
If the brilliance of the concept isn't readily apparent, consider that a worker earning $96.15/hr at 40 hours a week for 52 weeks a year brings in about $200,000. It's not a fortune, really, but it should be enough that even large families can enjoy a moderately comfortable lifestyle. The real beauty of this system, however, is the fact that it puts all workers in the IRS's second highest tax bracket, meaning the federal government gets a whopping 33%! It's win-win!
As a side effect, we'll also enjoy an easing of the competitive stress that so many lawyers and doctors and other traditionally high-earning professionals face. Medical school weighing you down? That's okay, you can still enjoy a moderately comfortable lifestyle working as a greeter at your local discount ultramarket, or assembling tasty hamburgers at a fast food restaurant.
With so many 16-19 year olds earning such wages, there would be a drastic reduction in loitering, and student loans would hardly be necessary for anyone. The economy would explode, generating even more jobs, which means more money for workers AND the government!
The great thing about this strategy is that it neatly dovetails into my plan to end world poverty. Simply add:
Step 3: The United States of America annexes all current non-US territory
With all working citizens of the United States of Earth earning $200k+, we'd see not only an end to poverty and hunger, but likely to war, what with everyone being so busy enjoying their moderate comfort.
With such an elegantly simple solution, I just can't foresee any problems arising.