RE: Cryptocurrency: A Game-changer For Those In Extreme Poverty

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Cryptocurrency: A Game-changer For Those In Extreme Poverty

in cryptocurrency •  8 years ago  (edited)

More and more people are becoming poor in developed countries because

  1. Demand for labour is going down due to automation and outsourcing
  2. Instead of reducing the length of the work week to account for this reduction in labour demand, corporations just lay people off and have the remaining workforce continue to work 40+ hour work weeks
  3. The government then gives welfare or even disability to the workers who have been displaced. Which creates resentment among people still working towards the people receiving social assistance.
  4. People who don't qualify for welfare/disability end up homeless, committing suicide or having to rely on their parents/family/friends for financial support. The parents/family/friends then end up resenting the "freeloader."

The solution to eliminating poverty is to reduce the work week in order to get people working. And raise wages (primarily at the bottom-end) to ensure that people still get a livable wage after seeing a reduction in their work hours. Good luck getting companies to see the benefits of a reduced work week and voluntarily reducing it so that they can get everyone working.

I don't believe that voluntaryism is going to solve everything. Private markets are not perfect. Central planning is not perfect (USSR, Cuba, Venezuela, etc. have made a lot of mistakes but private actors make a lot of poor choices too. There isn't a single libertarian utopia in existence. And there isn't one for a reason). The real answer lies somewhere in between. There are instances where the government needs to back off. Absolutely. As a self-employed bitcoin trader, I have to deal with the government and banker red tape. I just want to continue earning a living doing what is my passion (buying and selling bitcoin). But the government and the bankers (who are worried about legal compliance imposed on them by the government) interfere with our trade. But just because the government is prone to mistakes and red tape excess, doesn't mean that giving corporations free reign to do whatever the fuck they want is a better alternative.

But I do think the government needs to step in and mandate a 30 hour work week and a $15USD/hr minimum wage. If you work 30 hours/week, that's $450USD/week. That's a fair, livable wage in most of the United States. Corporations, left alone, are not going to voluntarily reduce the work week. Corporations by nature want to work their employees to the bone. They don't see the long-term social benefits of reduced work hours and having everyone who is willing and able working.

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