I should have said that it'll certainly be outpaced by inflation by the time it goes into effect nationwide, which will likely be something like 2024.
A real currency has a basis. In my youth it was that gold was fixed at $40/oz. We have abandoned the gold standard. Some other thing of limited supply like gold, silver, copper and other metals may serve. A pound of coffee, a bale of hay, a bushel of wheat would work as long as it is given a fixed, permanent value and everything else is allowed to float. Exactly one product and only one product price-controlled.
Today our currency is based on one hour of unskilled labor. Minimum wage. For a job so simple anyone could do it. If we set it permanently to, say, $15/hour then everything else would inflate until $15 was something a 16-yr-old would accept for an hour's work. A babysitter might get $17.50 if really good at it. An ordinary working man would expect about 150,000/yr.
If we set minimum wage to $100 or $1 it would make no difference. The value of other goods and services would adjust themselves in a free market with nothing else at all price-controlled. No farm subsidies. Repeal all law affecting prices or wages.
Stop taxing corporations. Corporations are a pieces of paper which cannot pay anything. All taxes on businesses are paid by real people and not by the owners of the corporation -- workers and customers are paying that tax. Including the poorest as they buy anything at all. The most regressive tax of all, a pure sales and wage tax.
Stop taxing income and, instead, tax spending (the constitution calls these excises). Then the Paris Hilton's of the world would be paying a gob of taxes. Tax real estate sales the same as groceries. Tax sales of stock the same as iced tea. This way the people who spend large amounts of money (the top 1%) would pay most of the taxes -- the poorest (the lowest 1%) the least. But everyone would pay taxes. Everyone would have skin in the game.
Meanwhile the Fed "loans" money created out of thin air at interest to the government. The debt has to go up to keep the bankers who privately own the Fed raking in that interest. Interest on nothing.
The current mish-mash of "LAW" is a total mess. No legislator writes law any more -- the lobbyists write them in their own interests. The legislators will never give up the support of lobbyists helping their election and they always respond with special favors for their friends.
The answer is not socialism. Instead a truly free market would let we the people set the prices with our purchases. Free market capitalism delivers what socialism promises.
… https://t.co/v10EKbvgEm"
