Quote:
Originally Posted by Stu from NYC
Sad that a minimum wage worker typically with no skills can make $ 20 per hour. If I owned a mcDonalds would be frantically figuring out how to replace these people with machines.
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Tough policy issue. As automation becomes more prevalent, there is more and more unemployed / unskilled labor and that will lead to more idle bodies fighting for jobs in a physical way. Technology will be the death of capitalism, turning the economy into a very small camp of Asset/Information owners, and the remaining looking for manual hourly labor. . . As that progresses, if taxes aren't raised on the Asset/Information owners, there will be no way to pay for UBI, Universal basic income, and the US will enter a debt spiral, from which there will be a lot of financial damage. A debt spiral is when you have to sell debt to pay for the interest on the prior debt because you don't have enough income, the downfall of the MMT proponents.
Someone recently said that we now have vibes from 476 AD now in the USA. .
I agree. .