Comments by "Tony Wilson" (@tonywilson4713) on "Economic Update: A "Living Wage"" video.

@atomicstyle7344 Couple of very astute comments there. The best being how everyone thinks they too will end up a billionaire. I'm Australian but went to college in America on a sports scholarship (late 80s) and they used to love telling me "that only in America can anybody become a millionaire." It was this idiotic mantra that almost everybody preached and NOBODY could explain.
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That's actually not that abstract and you are on the right path. What you are basically saying is that you want the wage floor to be at a point where everyone has the opportunity to gain. I might re-define that slightly as: A prosperity wage enables a worker the ability to provide a family with equal opportunities to use their abilities as far as practical. I say "as far as practical" because you have to set practical boundaries. That's the giant failure of Milton Freidman's idiocy. Its doesn't take any genius to realize what he preached was lunacy. Corporations have no other obligation but to deliver for their owners. Just think through that - all of society exists for the financial benefit of the corporate owner class WITHOUT LIMITS or BOUNDARIES. There's another word for that its called "serfdom" and serfdom failed to grow any nation any real true wealth for 1000s of years. Freidman just wrapped serfdom up in a nice piece of pretty silk that we called Reaganism, Thatcherism or neo-liberalism. His claim to fame was the Nobel Prize for Economics. Its not even a real Nobel Prize. Go check it it was NEVER sponsored by Nobel or his family. It was sponsored by a Swedish bank to raise the public image of economists like Freidman. Its a PR device used to drive governmental policy and in that it has been incredibly effective. You must listen to this person because he won the Nobel Prize for Economics. Freidman's lunacy is why we've had no wage growth for 45years while the cost of living have gone up and up. Mark Blyth had a cracker that he gave in the analysis of Trump's 2016 win. -> https://www.youtube.com/watch?v=VWMmBG3Z4DI&t=1104s Based on what Mark Blyth said the money exists for paying what you call a prosperity wage. Instead with Milton Freidman's greed is good serfdom that money goes to a tiny minority in the form of bonuses. More recently Mark Blyth pointed out the Rand study that says the top 1% has made of with $47trillion between 1975 and 2018. That's only grown since. Here's the time article on the Rand Report -> https://time.com/5888024/50-trillion-income-inequality-america/ Here's the actual Rand report -> https://www.rand.org/pubs/working_papers/WRA516-1.html I'm an engineer with Economics 101 as my 1 and only class in business and I can see how obvious this stuff is.
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@MrDXRamirez Nice parrot points but the whole claim that if wages rise then profits fall is CRAP. The Germans have the highest wages in manufacturing anywhere and their companies make money just fine. People get told that bullshit story so that there is the money for the executive bonuses. In the post 2016 analysis this came up as part of the explanation why a lot of people DIDN'T vote for a Wall St hack like Hilary. https://www.youtube.com/watch?v=VWMmBG3Z4DI&t=1104s The money is there to raise minimum wages. Its just that the top 1% don't like sharing.
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@MrDXRamirez Sorry but I have spent 30+ years as an engineering automation. The labor cost hasn't been significant in manufacturing since the mid 1990s. There's just this endless parroting form economists that labor costs are to high. When labor costs are down below 10% it doesn't matter where product is manufactured. The material, energy and transport costs are far more significant. Closing plants and sending jobs to China had nothing to do with labor costs and everything to do with establishing a foothold in the next giant consumer market while at the same time destroying every union in the western world. As for the bullshit "services sector" massive blocks of that has seen jobs go to places like India and the Philippines and that's because the labor cost in service industries is the majority of costs. There's this truly idiotic bullshit that people will be retrained as "coders." Yeah sure go onto the google store and see how many versions of Sudoku there are. That's because Western Universities have been training IT programmers in India and China for the last 25 years. We trained them well and now they are experienced AND STILL VERY CHEAP. This is the idiocy of Western Economists they modeled our future on their high powered consulting businesses. It was farking idiotic then and its still idiotic now. You can spin all the market theory you like and it still comes back to simple common sense, EXCEPT economists don't have any common sense.
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@MrDXRamirez If you had made the argument American Economists and American TRAINED economists you be much closer to the truth. I have been sending YT link to a DW report on global water. Much of it focused on Australia and its water market that was "designed" by a "renowned Harvard Educated" economist. Ask any Australian how that water market is working. I'd give you the link but its suddenly gone "private" which is very odd for a video form a news service. Basically our water market is just like the Texas energy market, also done by a Harvard boy and also a total disaster for everyone except the market speculators.
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