Socialism has never worked anywhere for very long because markets have too many unknown interdependencies and non-linearities. Markets are unpredictable and attempts at government control turn into crony capitalism.
The headline on the front page of the Dec. 31 Westerly Sun says “Prices rising with minimum-wage increases” — what a surprise!
The last time I saw it, the average family income for minimum-wage workers was $50,000 a year. Minimum-wage workers are teenagers, retirees, people with second jobs and women with children who want to get out of the house for a while.
Bill Gates and Warren Buffet will not be bothered by the price increases. It’s the people who shop at places like Walmart who will pay the extra price.