If I was running PL, I would put before parliament urgent labour laws and begin setting minimum wage, the minimum wage should not fall below a certain target, I would be flexible of course and ensure there is minimum wage laws flexibly rurally or urban following the cost of living. Why I would do this? To spurt growth in the market, more income in the locals hand leads to more spending and residual net-growth for industries.
Rather then one man having a million dollar business and keeping it to himself, that one rich person will only spend once in the market, but thru my law, it would ensure his wealth is spread to the worker so now you will have basically more consumers in the market. An example of this is, let's say food, one rich person will only consume once a month, where-as if his wealth was spread out to the worker, it would lead to more people spending on food. The market will enjoy more customers then just one rich person.
The other reason why I think it's wise to increase wages is, our economy power will not keep up with the rest of the world if people income is low, their will be no drive for any company to come and invest if there is no large consumer market. The only way to develop a consumer market is thru labour laws. The reason Somalia is poor is our rich people do not pay enough to workers, it leads to a small income, less spending, and eventually a small economy. By increasing their wages, their excess money will now fuel other industries to be born to service them like construction, services, tech, etc. This is the only way to fuel business growth across the market is to increase consumers and the only way to increase consumers is thru laws ensuring companies pay according to the economic rules. The economic rule should be about growing the market not growing a business man interest. U want more businesses to respond to the extra consumer.
The other thing is our economy GDP will naturally reflect this growth but more importantly our money as a whole will increase and we can start affording global products which we can't now because we have an economy of a few rich and millions poor, the middle class is totally empty which is the consumer pool. If our GDP is large, our purchasing power is strong also. Things that seemed impossible for us to buy in the foreign market, become realistic because we have the money now. The taxation of the govt will rise up and we can finally deliver on public projects without the need for aid or charity. The reason we rely on aid n charity is cause we have no economic policy to turn these peasants into middle class, we have a de-regulated market.
Rather then one man having a million dollar business and keeping it to himself, that one rich person will only spend once in the market, but thru my law, it would ensure his wealth is spread to the worker so now you will have basically more consumers in the market. An example of this is, let's say food, one rich person will only consume once a month, where-as if his wealth was spread out to the worker, it would lead to more people spending on food. The market will enjoy more customers then just one rich person.
The other reason why I think it's wise to increase wages is, our economy power will not keep up with the rest of the world if people income is low, their will be no drive for any company to come and invest if there is no large consumer market. The only way to develop a consumer market is thru labour laws. The reason Somalia is poor is our rich people do not pay enough to workers, it leads to a small income, less spending, and eventually a small economy. By increasing their wages, their excess money will now fuel other industries to be born to service them like construction, services, tech, etc. This is the only way to fuel business growth across the market is to increase consumers and the only way to increase consumers is thru laws ensuring companies pay according to the economic rules. The economic rule should be about growing the market not growing a business man interest. U want more businesses to respond to the extra consumer.
The other thing is our economy GDP will naturally reflect this growth but more importantly our money as a whole will increase and we can start affording global products which we can't now because we have an economy of a few rich and millions poor, the middle class is totally empty which is the consumer pool. If our GDP is large, our purchasing power is strong also. Things that seemed impossible for us to buy in the foreign market, become realistic because we have the money now. The taxation of the govt will rise up and we can finally deliver on public projects without the need for aid or charity. The reason we rely on aid n charity is cause we have no economic policy to turn these peasants into middle class, we have a de-regulated market.