Vox Editor Matthew Yglesias has just demonstrated his ignorance of how the world works. he has Tweeted out a message calling for an immediate increase in the minimum wage to $150 per hour! He seems to think that this would help people get out of debt and solve the poverty issue.
This is a symptom of the elite in media and politics; they are so far removed from the lives of everyday people that they think companies can afford to pay this money without having a major adverse effect. Such legislation would bankrupt the vast majority of small to medium sized businesses within a month. Millions of jobs lost.
And of course, another symptom of the liberal elite is hypocrisy. Do the employees at Vox get $150 per hour for their labor? Of course not. Perhaps he would have more backing for his idiotic ideas if he himself practiced what he was encouraging others to do.
As reported in Young Conservatives:
After his first idiotic tweet, Yglesias went on to try and explain what might happen with his brilliant idea saying, “You’d have a big burst of inflation, nobody would lose their jobs, a lot of old debts would be wiped out, and we’d be better off for it.”
Maybe we should just go to a $150/hour minimum wage with no phase-in period and let the Fed figure out how to make it work.
— Matthew Yglesias (@mattyglesias) July 3, 2017
How does he imagine “nobody would lose their jobs”? If I owned a business and was told everyone would be paid $150 an hour, I’d simply close up shop. Of COURSE millions would lose their jobs!