Oklahoma Gov. Mary Fallin (R) signed a bill Monday prohibiting cities across the state from establishing mandatory minimum wage and employee benefits, including vacation or sick leave days.
Advocates of the new law contend that efforts to increas...
Even Adam Smith argued and observed, that when wages are high and profits are low, the economy is growing as a whole, while when wages are stagnant or in decline and profts are high, the economy's doing poorly. When people are able to spend, they generally do so on a wide variety of goods and services. When money is spread out over the field of society, it tends to do a better job at growing everything (thus expanding the pie) than if it were piled on in one particular corner of the society.
The economy can't afford greed and neither can the society or the polity. The Republicans may be able to get some people to eat their own feces and smile while doing so. But the general sentiment of humanity is just going to get worse as things slowly pick up for everyone while the very few get more than they can hope to spend in a lifetime. This is how David Ricardo came to the conclusion that, since employers typically aren't going to pay workers according to the value of their work (as defined by the net profits that are realized from their work), that it is up to the state and its law enforcement apparati to enforce a minimum wage, based on what is produced in the economy at any given time.
The banks aren't lending the money that the businesses are putting into them, nor are dividends being paid out or wages being paid according to their actual value. The firms may be profit maximizers, and that's a good thing. However, if they're not harnessed to the well being of the society, they are merely a bucking bronco about to throw themselves off a cliff, rather than produce work that is valuable to the rest of human society (and for themselves as well). This will all end in tears unless something changes in the rich and politically powerful, just because a few morons though it was wise to take so much from so many.
Think about it.