Originally Posted by
TransWorld
I remember in Cuba, Fidel Castro set the wages of a doctor at 2/3 of a street sweeper. The doctor is inside in an air condrioned office. The street sweeper was doing a dirty, sweaty job. Therefore it is fair doctors get paid less. What happened? Cuban doctors fled to the US.
Not understanding Economic 101 leads to your thinking.
An abundance of workers (more people than jobs), low skill set, little financial risk leads to lower pay. A lack of workers, high skill set, big financial risk taking all leads to higher pay. It is as true for the small store owner as it is for Bill Gates. Bill Gates became a billionaire. His business allowed many of his employees to become millionaires. Many of them would not have become millionaires if the had not gone to work for him, someone like him, or took risks themselves in starting businesses.
I understand supply/demand just fine and I get you're towing the line from 1990 macroeconomics 101, but times have changed. Wages adjusted for inflation have become static while cost of living has increased and productivity has continued to soar:
https://www.epi.org/productivity-pay-gap
The problem with a constant growth economy is that it's unsustainable. If we're giving out financial advice, then I recommend paying attention to the economist Peter Schiff (except he's aggressive about selling gold which is a meh investment).