Thomas Sowell excerpt on minimum wage:
"But to people who call themselves conservatives, and aspire to public office, there is no excuse for not being aware of what a major social disaster the minimum wage law has been for the young, the poor and especially for young and poor blacks."
If $10/hr is good, wouldn’t $100.00/hr be better?
lol
One of the main things that killed the job market was them raising the minimum wage.... thus obviously to a liberal the thing that is needed is for us to raise it again!
heck why not just raise it to $100 an hour and we will all be rich and employed!!!!
It just hurt to be so dumb.
Combine a significant increase in the minimum wage with the additional costs being shoved down the pipe due to Obamacare, and you've got a certain method to keep people from opening new businesses. I'm undecided as to whether I will keep my doors open if Obamacare is upheld, but I can state with certainty that a significant increase in the minimum wage will lead to the closure of my business. Margins have contracted to the breaking point, and there is no room to absorb additional expenses. Higher payroll dollars equals higher matching taxes for employers - your talking $14 to $16 in real payroll expense per hour at this proposed rate. It is not possible.
any minimum wage is a drag on job creation
No, the media must blame evil 'business' LOL!
Sure. Put another half million people out of work.
If we hadn't had so much immigration these last 20 years, we'd probably have a de facto minimum wage of over $10 per hour.
Churchill, as quoted in William Simon's "A Time for Truth":
"Nothing that they can plan and order and rush around enforcing will take its place. They have broken the mainspring, and until we get a new one, the watch will not go. Set the people free - get out of the way and let them make the best of themselves.
"I am sure that this policy of equalizing misery and organizing scarcity instead of allowing diligence, self-interest and ingenuity to produce abundance has only to be prolonged to kill this British island stone dead."
Our brilliant defenders of economic liberty, Sowell and Williams, have warned many times over the years about the harm done by the perennial vote-getting mechanism of the so-called "progressives" called "minimum wage."
The following message was published many years ago, utilizing Walter Williams' warning about the negative consequences of minimum wage laws on families and those who most need work experience and earnings. His words were true then, and he repeated them on Stossel recently.
Dr. Williams understands and has been teaching, speaking, and writing about the tragic consequences of the so-called "progressive" policies which Democrats have inflicted upon Americans--all in the name of "helping" them.
Slavery to government is no better than slavery to individual masters. Yet, the "regressives" continue to buy power and influence by promoting policies that destroy opportunity, prosperity, and freedom for our own and future generations.
As another poster here has pointed out and as Williams stated above, the "minimum wage" may help higher paid union workers who keep their jobs, but it harms and makes worse off the young who never get hired at all and those who must be laid off in order for a business to survive the additional cost burden.
The IDIOTS don’t realize that the reason why wages haven’t kept up with inflation is because of a combination of Keynsian economics and because our dollars are now not tied to ANY precious metals. THey’ve lost value (against real world-even essential goods) and wages haven’t kept up (yes some becuase of greed, but also becuase of 1) More government regulations on businesses and 2) Because of tightening margins because of international economonic reasons and 3) tied once again to our dollars inflated by national (and intl.) banking cartels).
-J.S.
The best thing we could do for the economy would be to pass Ron Paul’s “competition in currency act”, and no I am not a Ron Paul fan, but on monetary policy and government spending he’s right on.
So, um, where's the downside here? </sarcasm>
Placing a floor on the price of something will render anything whose value is below that floor, unmarketable.
The only way in which setting a minimum labor price by fiat will increase anyone’s wages is by removing from the labor market those whose labor would otherwise be worth less. If a worker wants to receive $10/hour for his labor, what would stop him from simply refusing to work for less, other than the fact that others who are asked to work for $9/hour might not refuse?
If someone could do productive work which would be worth $1/hour, but was incapable of doing anything more valuable, in what way is paying the person to do nothing be batter than than paying him $1 to do what he can? Even if the person would be unable to survive without some government assistance beyond his wages, I’d much rather the government provide support for people who are earning as much as they can, than support those who aren’t doing anything.
A strong economy will raise wages. Here in western ND, you can’t get anyone to work for only $10/hr.
Rush: “ Minimum wage isn’t what I HAVE to pay you, it is ALL I HAVE to pay you!”
Minimum wage destroys competition.
