this post was submitted on 06 Oct 2023
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I would prefer a UBI.
Both could be achievable - it doesn't have to be one or the other
I suppose, but is a minimum wage necessary if there's a UBI? If everyone's basic needs are taken care of, people don't need to be protected from low wages.
Yes, because the incentive to work would not be as high if you can receive $30k/yr, but only $3/hr working food service. But, if they receive $30k/yr plus $20/hr (or whichever number is appropriate for COL in the province/area), then people are more likely to work - and do so productively. This then encourages economic growth through money changing hands and being taxed.
Minimum wage is great for welfare, but economic well-being is not quite the only goal of minimum wage; it also serves to encourage people to join the workforce over alternatives, and to spur economic activity.