In a successful, competitive, free-market society, business owners, investors, and workers must view their companies primarily as means of providing customers and clients with superior products and services for which they are paid according to their perceived value.
If prosperity is going to increase in a free-market society, and if individual businesses are going to succeed over the long run, then business owners and workers must provide products and services that customers and clients genuinely believe to be valuable for them. Price, quality, and service must meet the needs, wants and expectations of customers and clients, and be the primary areas of focus of owners and employees alike.
This, of course, is the attitude that exists when people genuinely internalized the “Golden Rule” that Jesus taught: “So whatever you wish that others would do to you, do also to them, for this is the Law and the Prophets.” (Matthew 7:12). This is also the attitude that results from obedience to Jesus’ commandment, “You shall love your neighbor as yourself.” (Matthew 22:39).
By contrast, a society that is trapped in poverty will reveal a very different attitude among business owners and employees. The owners will view their businesses primarily as means of getting money from people, by whatever method is possible, even if it means selling cheap, defective, and inferior products and services. Workers will see their primary goal as getting paid, rather than producing work that brings genuine value to their companies, suppliers, customers and communities. This short-sighted “selfishness”, if prevalent, will hinder economic productivity and national prosperity.
(Note: The above was paraphrased from the book: The Poverty of Nations – a Sustainable Solution.)
Therefore, government should not screw-up our competitive, free-market price and wage system while helping low income workers.
Here’s one suggestion for a way to go:
The price of goods and services – and the wages of employees – should be determined by the free-market – not by government regulations and mandates, as in socialistic and communistic countries. Lower prices enhance prosperity for the general public. Lower wages enhance employment, i.e., job creation. The “Golden Rule” in action!
To guarantee a living wage for low income workers – an Earned Income Benefit should be considered by the federal and state governments on a monthly basis. The rules currently applicable to the Earned Income Tax Credits should be applicable to monthly Earned Income Benefits. (Note: An Earned Income Benefit should not be confused with the Earned Income Tax Credit, which already exists. The IRS explains, “The Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in their pocket. It reduces the amount of tax owed and may also provide a refund.”)
The government should not screw-up our competitive, free-market price and wage system. It would be far better to provide monthly Earned Income Benefits to low wage earners. Able-bodied citizens who do not work should not receive this proposed monthly benefit.
All the best!
WILLIAM A. PAUWELS, SR.