Basic income policy is better than minimum wage
December 8 , 2013
A lot of people support the idea of raising the minimum wage. However, it might not be the best idea since it would require the government to pay something to everyone and increase taxes. John Aziz of The Week noted that a better option would be to abolish the minimum wage and following a "basic income policy" so the government can pay people whose incomes are below a certain threshold.
Minimum wage is an issue since companies could easily choose to not hire or even hire overseas.
A basic income means that "people would still have many personal and financial incentives to work and become entrepreneurs," Aziz writes. "If anything, the fact that there is no longer a minimum wage would probably create more employment."