The person making $75k, working 40 hours per week (2080 hrs per year), would earn $4.60 in about 7 minutes and 39 seconds. Even if the person making $500k works 80 hours per week, it still only takes him 2 minutes and 30 seconds to earn that much. I'm not disagreeing with the difference between cost and price, and I understand that the labor of the person earning more is more valuable than the labor of the person earning less. I also agree that human decision making is ignored by politicians. All I'm saying is that time also has to be factored into the "cost" equation.
Suppose you buy a gallon of gas for $3. How much did it cost you? You say, "Williams, that's a silly question. It cost $3." That's where you're mistaken, because there's a difference between price and cost. To prove that price and cost are not the same, consider the following. Suppose you live and work in New York City and routinely pay $15 for a haircut. Imagine you were told that there's a barber in Boise, Idaho, who can give you the identical haircut for just $5. Would you start going to the Boise barber? I'm betting you'd answer no because...
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