The market actually self corrects in terms of wages. Because if a business doesn't, their employee's will quit and get another job that pays better. That business will have to bring in a replacement, but not many will apply because the pay will be low and the ones that do won't care and will have no loyalty because they're paid like shit. A business that can't retain their employee's is a business that doesn't stay open. Another business will start up in direct competition and snipe people because they pay fairly and that old business will shutter it's doors. Never to open again.
It behooves businesses to pay their people fair wages. It ensures talent and loyalty.
That's only when there is a shortage of workers. When there is a surplus, the exact opposite happens, wages drop. How do you create a surplus of workers? Trade freely globally (you are directly competing with Chinese workers if there are no tariffs) and increase immigration (both legal and illegal).
This isn't accurate.
The market actually self corrects in terms of wages. Because if a business doesn't, their employee's will quit and get another job that pays better. That business will have to bring in a replacement, but not many will apply because the pay will be low and the ones that do won't care and will have no loyalty because they're paid like shit. A business that can't retain their employee's is a business that doesn't stay open. Another business will start up in direct competition and snipe people because they pay fairly and that old business will shutter it's doors. Never to open again.
It behooves businesses to pay their people fair wages. It ensures talent and loyalty.
That's only when there is a shortage of workers. When there is a surplus, the exact opposite happens, wages drop. How do you create a surplus of workers? Trade freely globally (you are directly competing with Chinese workers if there are no tariffs) and increase immigration (both legal and illegal).