That was the nice thing about being an "emancipated minor" - I was legally an adult, and I'll admit that the mortgage was OWC, rather than through a bank. You might want to Google "emancipated minor" and see what you find out - it's essentially your parents officially and legally abdicating responsibility for you, and seeing you out on your own (which is only semi-true in my case - we had reasons for doing it.)
Raising the minimum wage will continue to devalue the dollar. "The value of a thing is what that thing will bring" - the more dollars you have to spend to buy the same thing you did last year, the less those dollars are worth. Raising the minimum wage only serves to make the broke more broke - they've got more dollars, true; but they're worth less.
I don't want to get started on CEO pay (or executive pay in general,) since that's fuel for another discussion. It seems that the less work you end up doing, the more you are paid. I came up the other way - the boss eats last, sleeps last, gets paid last, and gets laid last - that's part of the boss' responsibilities. I suppose it's the old non-com in me talking there, but there you have it.
Honestly, the smartest thing we could do - economically speaking - would be to start reducing the minimum wage with an eye toward eliminating it entirely (since it's little more than a government control on what the basics will cost,) and declare an effective tax holiday. Reduce the government infrastructure to where it needs significantly less funding, and also eliminate the trade deficit with the Pacific Rim. It might not hurt to do something about all the illegal immigration - all that money going on (on the last two) and nothing to very little coming back results in a drain on the economy and yet another effective devaluation of the dollar.
Take illegals from parts South - they come up here to work, make money, and don't get taxed on it (except for sales and excise taxes collected when goods are purchased.) They then send the money home to their families - but we don't get anything in return. Multiply that by the estimated 12M illegal immigrants here (from everywhere, now - not just Mexico) and you're looking at a serious outlay with no material gain.
Look at the trade deficits - mainly with the Western Pacific Rim. True, we buy from them, and they buy from us - but they don't buy anywhere near as much from us as we buy from them! Therefore, we also end up sending a boatload of money to those countries (Hong Kong, Taiwan, China, Korea, Japan, for starts) and there's relatively little coming back. Again, we are hemorrhaging money for little to no material gain, and devaluing the dollar. To correct, pass new trade agreements/regulations saying that trade with foreign nations must now be carried out on a "one-to-one" (or close to it) basis. Balanced trade would allow us to keep more dollars effectively in the United States, and slow inflation (due, again, to devaluation of the dollar by all the dollars going out and nothing coming back.)
All the trouble with inflation mainly started with the Bank Holiday of 1934(?) as carried out by FDR, and the following removal of the gold/silver "specie" standard and the establishment of the Federal Reserve. By removing the anchor to which the American Dollar was attached, we have set it adrift - with no controls. We weren't the only people to come up with the idea of "hard" money - the British Pound was originally set to the value of one pound of Sterling silver - thus, the "pound Sterling."
I don't seem to recall any monetary unit based upon any sort of resource anymore - it's all bookmarks, and about as intrinsically useful. Economists who believe they are practicing a "science" are delusional - sciences are based upon essential and immutable rules of reality, and there are no such in economics. Econ is little more than a combination of a mass hallucination and a work of pure fiction - beyond that, nothing. Economics as a 'science' isn't even funny enough to be farcical, to be perfectly honest. Economists should probably be shot so we can start over.
I'm not advocating the idea of "living off of credit" - just replacing our money with something of actual intrinsic value (like it says in the Cornerstone of American Law - the Constitution. "The Congress shall have the sole power to coin money, and no Thing but Gold or Silver may be used therefor." The Federal Reserve is patently illegal, and so is the "fiat money" we're using now.) Follow that with a revaluation of the dollar, once it's been tied to an anchor again, and working people will do well once more. Inflation has been caused by the "idea" that money is worth something, rather than the agreed-upon value of monetary units based upon their material backing. Use Gold, Silver, Platinum, Uranium - Hell, even Lead would be an improvement!
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