....Mitt Romney then digs the hole deeper and thoroughly alienates conservatives by stating that he would index the minimum wage to inflation and thus raise it every year. This is said in an effort to mitigate the damage from his earlier faux pas. It is common knowledge that the mandatory minimum wage is a disaster for those entering the work force. The unemployment rate for those in the 16-20 age group exceeds 21% and is far worse for minorities in the same category. It has been a rock-ribbed tenet of conservatism that the minimum wage is anti-business and more importantly kills job creation so necessary for upward mobility. Why, if Romney is a true conservative, doesn’t he understand?
Can someone explain this to me? How does the minimum wage annoy Conservatives and create problems for employers? Sorry, but I’m not very savvy about this. And what is Mittens suggesting that is anti business? I’m sure his position is wrong..cuz just about everything he says is bad..but I need clarification.
Minimum wage laws act as barriers to entry for inexperienced people, and especially for young workers. As wages rise, employers increasingly cannot afford to risk hiring people with limited knowledge and experience, as well as a relatively high potential for failure. The initial expense of adding to one’s payroll often exceeds the value of output from each new employee, including expenses that are basically non-recoverable (e.g. - training, human resources, legal, compliance).