So what this guy is saying is, capitalism can’t generate a viable economy for everyone. “We have to live in poverty.” “If we try to raise the minimum wage to alleviate poverty, we’ll end up impoverished.” Great! Capitalism doesn’t work for everyone. Let’s get rid of it.
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Absolutely not, this is the opposite of what he’s saying. With a lowered minimum wage people will attend more jobs that will lead to people having higher quality jobs later and also young people working early on to save into the future. The effect will be the opposite to poverty.
End of conversation
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This is a great short primer on basic economics.
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