20210520 Wages and Prices - The Daily Summation

What's one of the FIRST THINGS that happen when wages increase?

Those who make and do things, realize they must increase their prices, to reflect their increase in cost.

Even if you IGNORE near-term effects, like job losses, reductions in hours, and shuttering of small businesses that can't afford the increase, you CANNOT ignore that fact.

If you want to increase wages in a MEANINGFUL WAY, you have to keep prices at their current levels when you do that.

Since government taking control of prices is pretty much invariably DISASTROUS, that must occur by agreement of producers.

Because many of them are operating on "shoestring profits" to begin with, chances they'll agree to such a thing, are understandably small.

This is what I've chosen to babble about on today's edition of The Daily Summation from Kurt's Religion and Politics.

When I'm able to complete the companion article on the Kurt's Religion and Politics blog, I'll post a link to it here.

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