I quote the New York Times from (I believe) 1987: “The ideal minimum wage is zero.” Every time the government raises it, it hurts those newly entering the workforce and those with fewer skills. Why do progressives hate workers?
Originally posted on International Liberty:
Perhaps because he wants to divert attention from the slow-motion train wreck of Obamacare, the President is signalling that he will renew his efforts to throw more people into the unemployment line.
Needless to say, that’s not how the White House would describe the President’s proposal to increase the minimum wage, but that’s one of the main results when the government criminalizes certain employment contracts between consenting adults.
To be blunt, if a worker happens to have poor work skills, a less-than-impressive employment record, or some other indicator of low productivity that makes them worth, say, $7.50 per hour, then a $9-per-hour minimum wage is a ticket to the unemployment line.
Which is the point I made in a rather unfriendly interview with Yahoo Finance.
But a higher minimum wage is popular with voters who don’t understand economics, and unions strongly support a higher minimum wage since it…
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