Minimum and poverty level wages are anachronisms that need to be expunged from our vocabularies. They are relics of an era better left to collecting dust in the far-reaches of a library. Instead, we need to adopt the Living Wage scales developed by a team of economists at the Massachusetts Institute of Technology (MIT). They have established levels of income that are consistent with the costs of living that would make the majority of all households relatively free from the need to rely on government sources. Each county in the US would have its own Living Wage that is consistent with the costs of food, fuel, housing, health care, transportation, education, clothing, and savings for retirement. Eventually, most residents could own a home, save for education and retirement, pay their medical bills, and generally share in the bounty of the society they helped to build.

Paying a Fair Wage to everyone is do-able. It could be done by redirecting the future flow of funds at the national level from their traditional paths. Future flows is the operative term. It means that we would not be taking from the rich and giving to the poor. And it would take time, perhaps 20 or more years. Future dollars printed by the government are not allocated to anyone, therefore, no-one would be hurt by creating new paths to prosperity for more and more residents.

Today, 70 percent of all money goes to private investment accounts. Only 30 percent gets into circulation where it is spent. GDP is determined by multiplying the dollars in circulation by their turnover rate to obtain GDP, profits, wages, taxes, and general prosperity. The 70 percent that goes into investment accounts helps millionaires to become billionaires. So do the tax laws that exempt inheritances from taxation. This scheme is rampant with political payoffs and greed, while it grows, and grows. We now know that huge sums of money can end up it in the hands of about 840 billionaires, many of whom pay no taxes at all. But they can dictate who, what, when, where, how, and why special favors flow from Washington to them. And that arrangement is well on its way to “in perpetuity.”

Altering some of the flow of money from investments to circulation is the key. We could double GDP, add immensely to profits, and give a boost to wages. Workers would be happier, healthier, and they would have the wherewithal to pay their medical bills, pay for their kids education needs, and generally enjoy the fruits of their labors—just by sharing in the newly developed pool of profits.

Of course, bankers would be less relevant than now. But while some would become cry babies, credit unions would begin to flourish. They already lend out 70 percent of their funds to small businesses and to individuals. And BTW, 70 percent of all jobs now are created by small businesses. With more and more small businesses, we would see more competition—the lifeblood of a free-market society.

Here are the approximate objectives of the MIT Living Wage: They range from $70,000 to $125,000 annually  depending on the state. There are approximately 100 million households in the US, and 52 percent would benefit from a Living Wage. That’s about 175 million people. Yes, it is all do-able. And nobody would get hurt by them. It is all there right now, dormant, and waiting for concerned citizens like you. The math is the easy part. Check them out: MIT Living Wage Scales.