The rich will not have less, they will have a lot more (in dollars at least), because they are mostly storing wealth in inflation-proof assets. And businesses owners will make more than 10x, because when you increase the wages from $10/hr to $50/hr, the amount of spare (fun) money actually grows much more than 5x.
That will hurt the current middle class the most, those earning close to $50/hr. These are skilled professionals who will get equalized with someone who dropped out of high school. It's actually a good example of why socialism is such a dumb idea.
That will hurt the current middle class the most, those earning close to $50/hr. These are skilled professionals who will get equalized with someone who dropped out of high school. It's actually a good example of why socialism is such a dumb idea.