I note that the minimum wage is again in the news, both in Washington DC, where an attempt was recently made (but vetoed) to force big retailers to pay a higher minimum wage, and in California, where a bill to increase that State's minimum wage awaits the Governor's signature.
As ammunition when you discuss the issue with your family and friends, here are two classic videos exposing the fallacy of the minimum wage issue. The first is from famed economist Milton Friedman.
The second is from well-known reporter John Stossel.
There you have it. Those who support a minimum wage are actually supporting a job-killing measure. Ironic, isn't it?
Peter
5 comments:
Two classic interviews. Friedman had a way of making things clear like nobody else I've ever listened to.
Hmmm.... That's what MF says.
I do totally disagree with his ideas and with any claims that he should be listened to because of his economic credentials:
if there is anyone more responsible than him and his followers for the GFC, I don't know of any.
Ergo, I don't have any time for him.
And yes, that makes me a "commie", a "dogooder", a "liberal", the "anti-christ", etcetc.
Oh, wait: I'm not even American...;)
Another pitch on the downhill slide... sigh
I'm watching the Walmart-DC thing with interest. Having grown up in DC (many years ago) I'm aware of just how incompetent and socialist DC government is (answer: very, on both counts).
Walmart may have dodged this particular minimum wage bullet but I can assure them DC government will be back with it again. And again. And again. Walmart would be extremely foolish to build in DC. No government can be trusted, and DC government is much, much worse than that.
This is not a terribly complex subject. The more something costs, the less of it a person will buy. That's true of candy bars, real estate, dog food...and labor. As the cost goes up people buy less of something and become increasingly focused on getting the maximum possible value for what they spend.
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