The only people who truly benefit from minimum wage increases are union bosses, who salivate at the prospect of more dues coming in, money they can use to buy legislators.
If I banged my head against the wall every time politicians advocated bad policy in Washington – which is a tempting impulse, I would have been institutionalized because of brain damage a long time ago.
But it’s difficult to maintain my self control when I think about minimum wage laws.
All sentient human beings should know higher minimum wage laws will mean more unemployment. Just ask them, for instance, what would happen if the minimum wage was raised to $100 per hour. Once they admit that would lead to massive job losses, they’ve accepted the principle and it’s simply an empirical issue of figuring out how many jobs are lost when the minimum wage is $75, $50, $20, $10, $6, etc.
At the risk of stating the obvious, businesses seek to make money and they won’t hire somebody who can only produce $6 of value per hour if…
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