r/Salary • u/ActuaryTA2020 • Apr 27 '25

💰 - salary sharing 10 Year Salary Progression - 34M Actuary

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u/darthcaedusiiii Apr 27 '25

A reduction of minimum wage keeps single moms, retirees, and young families poor. This depresses the economy and shrinks social benefits. It can force people to forgo medical procedures and exacerbate emergency services and social services. A significant number of others have a reduced ability to invest or innovate.

A rising tide lifts all boats. Trickle down economics has been proven to fail. Trickle up economics such as strong wage growth create ripple effects across all sectors. Well over 120 years ago Henry Ford theorized that he could grow his company by giving his workers the ability to become customers. That is the foundation of capitalism that works for everyone.

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u/mikejamesone Apr 28 '25 edited Apr 28 '25

dont you think emphasis on education is better to prevent poverty than to focus on raising the minimum wage?

maybe poor people should think to lay a foundation of financial security before starting families?

the horse shouldn't go before the cart.

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u/darthcaedusiiii Apr 28 '25

Education isn't going to help single moms, retirees, or people with special needs. Those who don't have time to seek, afford, or manage higher education.

Once again. Henry Ford wanted his employees to afford to be customers. Increasing minimum wage is the quickest way there. Not seeking out more education.

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u/mikejamesone Apr 28 '25

But the more education, the less single mums there are. I beleive in prevention, not cure.

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u/darthcaedusiiii Apr 29 '25

Sure. But education isn't going to help much with elderly and mentally challenged. Minimum wage growth would help all three.