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For Every Minimum, There Must Be A Maximum

915 words - 4 pages

For Every Minimum, There Should Be A Maximum:
Why It Is Critical For the United States to Enforce a Maximum Wage Ratio
Across the ages, socioeconomic inequality has been an issue that has plagued civilizations. From the age of the Pharaohs in Egypt, to the Feudal Lords of Medieval Europe, all the way to present day caste-like groupings of lower, middle and upper-class income brackets, segregation has beset itself upon societies, dividing them only based upon their wealth, and many times the lottery of birth. Although the United States has usually been a global trendsetter, it is time that it learns from the patterns of other countries that are achieving far greater in this regard, such as ...view middle of the document...

" The Reagan administration appeared to have paraphrased Marx: "From each according to their vulnerability; to each according to their greed." Alternatively, as some have perceived, "trickle-down economics" is an impossibility when there is a horde of sponges at the summit of the proverbial mountain of income-based social castes. Economist Paul Samuelson devised an archetypal expression to bring emphasis to America's income inequalities: "If we made an income pyramid out of a child's blocks, with each layer portraying $500 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground (Smith)." Since he made this statement back in the early 1960s, adjusting that amount for inflation, each child’s block would be approximately $4000 today (Bureau of Labor Statistics).
The idea of a maximum wage ratio is not a new one. Pizzigati mentions Plato, stating that a 4:1 ratio would be advisable; Aristotle countered with a 5:1 ratio. Economists Peter Drucker and John Kenneth Galbraith have called for a 15:1 salary ratio for small business and a 25:1 gap for large corporations, Pizzigati advises a Ten Times Rule for every income-earner: "No person in the US shall be permitted to earn more than ten times the income earned by any other person." The way in which this rule would work is that if the minimum wage were, for example, $7.25, as it is now, the annual minimum income would be $13,920. If they earned the minimum wage, Americans would only pay one percent of their income in taxes, five percent, if they earned five times the minimum wage, and so...

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