Why you don't set the minimum wage to $70K

[BoFox]

This is nothing to sneeze at.  The overall line for wages is almost perfectly linear in its downward slope.  It went from 53% of the GDP (when the middle class was at its peak) to less than 44% of the GDP (where the middle class is more like upper-lower class). 

Pilots used to make well over $100K/year on average.  Now, they barely scratch $80K/year, with drastically reduced benefits..  Company layoffs are at its highest in 4 years.  

The government is handing out more food stamps than ever before.  Basically what is happening is that the government is having to sustain the lower-than-median income population from succumbing into poverty, and in order to keep the economy alive and "attractive" for corporations in America (where the wages can still be used to pay for companies products). 

So, as the wages continue to decline, the government has to keep on providing more hand-outs, stimulus packages, etc.. just so that companies can suck them up from the population (actually increasingly from the government).  If America tips over into poverty as a whole, like Greece, then companies just ditch America and move onto Russia, China, etc.. as a more flourishing economy on the up and up now. 

20 years is about half of the above graph.  That is another 4-5% or so of wage decline, and another 8-9% of total discrepancy between the corporate profits and wages.  So, 20 years from now, wages will be below 40% of the GDP, and profits over 60% of the GDP.

All this would do is bankrupt the government, if the government doesn't want to let America degenerate into a piss-poor nation like Mexico.  The rich few  would just move into secluded locations like Beverly Hills, while the rest of Los Angeles rots with homeless children wandering the streets (big news nowadays already - the city isn't even able to provide homes for them).  

Researchers with the National Center on Family Homelessness found that nearly 2.5 million American children were homeless at some point in 2013.
...

Nationally, from 2012 to 2013, the number of children experiencing homelessness in the U.S. rose by 8 percent.

In California, which ranked 48th in child homelessness, the rise was 4 percent, increasing from 505,562 in 2012 to 526,708 in 2013.

http://www.dailynews.com/social-affairs/...california