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#295 – Richard Wolff: Marxism and Communism
Lex Fridman Podcast
The Minimum Wage in the United States
The last time the minimum wage was raised in the United States, federal minimum wage was in 2009 when it was set at the lofty sum of $7.25 an hour. Over the last 12 years or so, whatever it is now, 11, 12, 13 years since then, we have had an increase in the price level in this country every year. This is a time of stock market boom, of growing inequality. They don't want and today just a factoid for you. The goal of a capitalist is to minimize labor costs. What that means is replace a worker with a machine, move the production from expensive US to cheap China," he said.
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