President Barack Obama this week in his State of the Union Address asked Congress to raise the hourly minimum wage from $7.25 to $9 to help fight poverty. While Obama said Thursday that raising the minimum wage as he has proposed could trim corporate profits, some argue the impact would be felt beyond companies’ bottom lines.
Related: There’s No Money for the President’s Economic Proposals: Fmr. CBO Dir. Douglas Holtz-Eakin
Amity Shlaes, author of the new Calvin Coolidge biography Coolidge, argues unemployment tends to go up with a minimum wage increase and says Coolidge’s legacy as president during the 1920s supplies us with a different approach.
She tells The Daily Ticker Coolidge’s administration “believed the market should supply higher wages, and following their policies wages went up and the unemployment was very low. That’s a less government approach, the Coolidge approach.”
According to Shlaes, during that period productivity gains drove wages up, and corporations invested in things that created jobs instead of parking their money in reserve. She cites the story of automaker Henry Ford, who famously decided to pay his workers more than he had to, realizing more of his cards could be sold if his workers could afford to buy them. She argues employers were freer to increase wages because they were burdened with fewer government mandates.
While we hear examples similar to Ford’s today in a company like Costco (COST), known for compensating employees with wages and benefits above the average for retail workers in the U.S., these cases seem to be in the minority.
Related: Higher Wages Are The Key to Rebuilding the American Dream: Pulitzer-Prize Winning Reporter
Shlaes argues today, cash is sitting on corporate balance sheets or parked in excess reserves at the Federal Reserve instead of being paid out to employees in the form of higher wages because of government regulations.
“If you have a bunch of rules about all the things you have to do in the way you hire, you get very cautious and you might cut the wage because you’re paying for other costs,” she says. “In many cases companies now have extreme costs whether it’s compliance with Dodd-Frank or it’s compliance with Obamacare. They’re not going to hire and they’re not going to raise wages because they’re keeping money in reserve for the unexpected mandates and the expected ones.”
In terms of government “mandating” some of that corporate cash be spent on paying workers a higher minimum wage, the modern research on how that impacts employment is mixed.
Related: Minimum Wage: Raise It to $10/Hour Says Dean Baker
An often-cited 1994 study by labor economists David Card and Alan Krueger found a rise in New Jersey’s minimum wage did not reduce employment in the fast-food industry. Bloomberg reports the findings are at odds with other research, notably the findings of Federal Reserve economist William Wascher and David Neumark, director of the University of California’s Center for Economics and Public Policy in Irvine. They found in a 2007 a review of academic studies found that almost all of them point to negative employment effects.
http://finance.yahoo.com/blogs/daily-ticker/raising-minimum-wage-leads-higher-unemployment-amity-shlaes-144859489.html
Raising minimum wage increases unemployment
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_bcspace
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Raising minimum wage increases unemployment
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Satan's Plan Deconstructed.
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The Degeneracy Of Progressivism.
Satan's Plan Deconstructed.
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_Brackite
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Re: Raising minimum wage increases unemployment
Thank God that the GOP was able to retain control of the House of Representatives!!
"And I've said it before, you want to know what Joseph Smith looked like in Nauvoo, just look at Trump." - Fence Sitter
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_Kevin Graham
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Re: Raising minimum wage increases unemployment
By Igor Volsky on Feb 14, 2013 at 12:55 pm
Republicans are responding to President Obama’s proposal raise the federal minimum wage by arguing that requiring businesses to pay their workers at least $9 an hour would lead employers to shed jobs or increase prices and pass the costs onto consumers.
“When you raise the price of employment, guess what happens? You get less of it,” House Speaker John Boehner (R-OH) said at a House Republican press conference on Wednesday. Sen. Marco Rubio (R-FL) agreed, explaining that “the impact of minimum wage usually is that businesses hire less people.” It’s a fairly logical and simple argument: increasing the cost of labor causes competitive employers to cut employment or hours to make up for the additional cost, hurting the very low-skilled workers that the policy was designed to benefit in the first place.
The problem? What sounds perfectly reasonable in theory doesn’t actually hold up in the real world and the overwhelming empirical consensus shows little if any effect of the minimum wage on employment.
For instance, in 2009 researchers conducted a review of 64 minimum-wage studies published between 1972 and 2007 measuring the impact of minimum wages on teenage employment and when they graphed “every employment estimate contained in these studies (over 1,000 in total), weighting each estimate by its statistical precision, they found that the most precise estimates were heavily clustered at or near zero employment effects.” The following year, researchers published a study comparing restaurant employment differences across 1,381 U.S. counties with different levels of the minimum wage” in every quarter between 1990 and 2006. Their conclusion: “The large negative elasticities in the traditional specification are generated primarily by regional and local differences in employment trends that are unrelated to minimum wage policies.”
The findings raise an important question: if employers aren’t responding to minimum wage increases by the seemingly logical action of cutting employment — which is what Republicans predict — then, what are employers doing?
John Schmitt finds the answer in a paper out this month for the Center for Economic and Policy Research. After reviewing the available data, he concludes that employers react to minimum wage increases by adjusting their practices in a wide range of ways, some of which can strengthen their businesses and the economy as a whole:
As Joel Benoliel, senior vice president and chief legal officer at Costco, told CBS News, “If you have the best people in the marketplace working very hard because they’re being paid better, you end up spending less on labor, not more.” “There’s a fundamental misunderstanding among many employers who focus on how little they can pay. Our philosophy is that we actually pay less for labor per hour when we look at productivity and sales per hour,” he said.
Different employers will react in different ways, some reducing the benefit of the minimum wage for workers, others improving their well-being. The GOP’s doom and gloom predictions, however, are unfounded and contrary to their rhetoric, the majority of low‐wage workers “are not employed by small businesses, but rather by large corporations with over 100 employees.” These companies have largely recovered from the recession and can afford to pay their employees more.
In fact, the three largest employers of minimum wage workers, Wal‐Mart, Yum! Brands (Pizza Hut, Taco Bell, and KFC), and McDonald’s, all are more profitable than they were before the Great Recession and “have awarded their top executives multi-million dollar compensation packages.”
Republicans are responding to President Obama’s proposal raise the federal minimum wage by arguing that requiring businesses to pay their workers at least $9 an hour would lead employers to shed jobs or increase prices and pass the costs onto consumers.
“When you raise the price of employment, guess what happens? You get less of it,” House Speaker John Boehner (R-OH) said at a House Republican press conference on Wednesday. Sen. Marco Rubio (R-FL) agreed, explaining that “the impact of minimum wage usually is that businesses hire less people.” It’s a fairly logical and simple argument: increasing the cost of labor causes competitive employers to cut employment or hours to make up for the additional cost, hurting the very low-skilled workers that the policy was designed to benefit in the first place.
The problem? What sounds perfectly reasonable in theory doesn’t actually hold up in the real world and the overwhelming empirical consensus shows little if any effect of the minimum wage on employment.
For instance, in 2009 researchers conducted a review of 64 minimum-wage studies published between 1972 and 2007 measuring the impact of minimum wages on teenage employment and when they graphed “every employment estimate contained in these studies (over 1,000 in total), weighting each estimate by its statistical precision, they found that the most precise estimates were heavily clustered at or near zero employment effects.” The following year, researchers published a study comparing restaurant employment differences across 1,381 U.S. counties with different levels of the minimum wage” in every quarter between 1990 and 2006. Their conclusion: “The large negative elasticities in the traditional specification are generated primarily by regional and local differences in employment trends that are unrelated to minimum wage policies.”
The findings raise an important question: if employers aren’t responding to minimum wage increases by the seemingly logical action of cutting employment — which is what Republicans predict — then, what are employers doing?
John Schmitt finds the answer in a paper out this month for the Center for Economic and Policy Research. After reviewing the available data, he concludes that employers react to minimum wage increases by adjusting their practices in a wide range of ways, some of which can strengthen their businesses and the economy as a whole:
- 1. Improving efficiency. An increase in the minimum wage may lead employers to encourage employees to work harder, since they’re now being paid more. Such an adjustment may be preferable to “cutting employment (or hours) because employer actions that reduce employment can ‘hurt morale and engender retaliation.’” A review of 81 fast-food restaurants in Georgia and Alabama found that “90 percent of managers indicated that they planned to respond to the minimum-wage increase with increased performance standards such as ‘requiring a better attendance and on-time record, faster and more proficient performance of job duties, taking on additional tasks, and faster termination of poor performers.’”
2. Increasing demand. Raising the minimum wage may increase demand for goods and services and bolster consumer spending, offsetting the increase to employer costs. One study estimates “that an increase in the minimum-wage
from its current level of $7.25 per hour to $9.80 per hour by July 2014 would increase the earnings low-wage workers by about $40 billion over the period” and create some 100,000 jobs.
3. Lowering turnover. A higher minimum wage “makes it easier for employers to recruit and retain employees” and may even “compensate some or all of the increased wage costs, allowing employers to maintain employment levels.” One study found “striking evidence that separations, new hires, and turnover rates for teens and restaurant workers fall substantially following a minimum wage increase…”
4. Increasing prices. A comprehensive review of more than 30 academic papers on the price effects of the minimum wage found that “most studies reviewed above found that a 10% US minimum wage increase raises food prices by no more than 4% and overall prices by no more than 0.4%”; and “[t]he main policy recommendation deriving from such findings is that policy makers can use the minimum wage to increase the wages of the poor, without destroying too many jobs or causing too much inflation.”
As Joel Benoliel, senior vice president and chief legal officer at Costco, told CBS News, “If you have the best people in the marketplace working very hard because they’re being paid better, you end up spending less on labor, not more.” “There’s a fundamental misunderstanding among many employers who focus on how little they can pay. Our philosophy is that we actually pay less for labor per hour when we look at productivity and sales per hour,” he said.
Different employers will react in different ways, some reducing the benefit of the minimum wage for workers, others improving their well-being. The GOP’s doom and gloom predictions, however, are unfounded and contrary to their rhetoric, the majority of low‐wage workers “are not employed by small businesses, but rather by large corporations with over 100 employees.” These companies have largely recovered from the recession and can afford to pay their employees more.
In fact, the three largest employers of minimum wage workers, Wal‐Mart, Yum! Brands (Pizza Hut, Taco Bell, and KFC), and McDonald’s, all are more profitable than they were before the Great Recession and “have awarded their top executives multi-million dollar compensation packages.”
-
_Kevin Graham
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- Posts: 13037
- Joined: Fri Oct 27, 2006 6:44 pm
Re: Raising minimum wage increases unemployment
By Igor Volsky on Feb 14, 2013 at 12:55 pm
Republicans are responding to President Obama’s proposal raise the federal minimum wage by arguing that requiring businesses to pay their workers at least $9 an hour would lead employers to shed jobs or increase prices and pass the costs onto consumers.
“When you raise the price of employment, guess what happens? You get less of it,” House Speaker John Boehner (R-OH) said at a House Republican press conference on Wednesday. Sen. Marco Rubio (R-FL) agreed, explaining that “the impact of minimum wage usually is that businesses hire less people.” It’s a fairly logical and simple argument: increasing the cost of labor causes competitive employers to cut employment or hours to make up for the additional cost, hurting the very low-skilled workers that the policy was designed to benefit in the first place.
The problem? What sounds perfectly reasonable in theory doesn’t actually hold up in the real world and the overwhelming empirical consensus shows little if any effect of the minimum wage on employment.
For instance, in 2009 researchers conducted a review of 64 minimum-wage studies published between 1972 and 2007 measuring the impact of minimum wages on teenage employment and when they graphed “every employment estimate contained in these studies (over 1,000 in total), weighting each estimate by its statistical precision, they found that the most precise estimates were heavily clustered at or near zero employment effects.” The following year, researchers published a study comparing restaurant employment differences across 1,381 U.S. counties with different levels of the minimum wage” in every quarter between 1990 and 2006. Their conclusion: “The large negative elasticities in the traditional specification are generated primarily by regional and local differences in employment trends that are unrelated to minimum wage policies.”
The findings raise an important question: if employers aren’t responding to minimum wage increases by the seemingly logical action of cutting employment — which is what Republicans predict — then, what are employers doing?
John Schmitt finds the answer in a paper out this month for the Center for Economic and Policy Research. After reviewing the available data, he concludes that employers react to minimum wage increases by adjusting their practices in a wide range of ways, some of which can strengthen their businesses and the economy as a whole:
As Joel Benoliel, senior vice president and chief legal officer at Costco, told CBS News, “If you have the best people in the marketplace working very hard because they’re being paid better, you end up spending less on labor, not more.” “There’s a fundamental misunderstanding among many employers who focus on how little they can pay. Our philosophy is that we actually pay less for labor per hour when we look at productivity and sales per hour,” he said.
Different employers will react in different ways, some reducing the benefit of the minimum wage for workers, others improving their well-being. The GOP’s doom and gloom predictions, however, are unfounded and contrary to their rhetoric, the majority of low‐wage workers “are not employed by small businesses, but rather by large corporations with over 100 employees.” These companies have largely recovered from the recession and can afford to pay their employees more.
In fact, the three largest employers of minimum wage workers, Wal‐Mart, Yum! Brands (Pizza Hut, Taco Bell, and KFC), and McDonald’s, all are more profitable than they were before the Great Recession and “have awarded their top executives multi-million dollar compensation packages.”
Republicans are responding to President Obama’s proposal raise the federal minimum wage by arguing that requiring businesses to pay their workers at least $9 an hour would lead employers to shed jobs or increase prices and pass the costs onto consumers.
“When you raise the price of employment, guess what happens? You get less of it,” House Speaker John Boehner (R-OH) said at a House Republican press conference on Wednesday. Sen. Marco Rubio (R-FL) agreed, explaining that “the impact of minimum wage usually is that businesses hire less people.” It’s a fairly logical and simple argument: increasing the cost of labor causes competitive employers to cut employment or hours to make up for the additional cost, hurting the very low-skilled workers that the policy was designed to benefit in the first place.
The problem? What sounds perfectly reasonable in theory doesn’t actually hold up in the real world and the overwhelming empirical consensus shows little if any effect of the minimum wage on employment.
For instance, in 2009 researchers conducted a review of 64 minimum-wage studies published between 1972 and 2007 measuring the impact of minimum wages on teenage employment and when they graphed “every employment estimate contained in these studies (over 1,000 in total), weighting each estimate by its statistical precision, they found that the most precise estimates were heavily clustered at or near zero employment effects.” The following year, researchers published a study comparing restaurant employment differences across 1,381 U.S. counties with different levels of the minimum wage” in every quarter between 1990 and 2006. Their conclusion: “The large negative elasticities in the traditional specification are generated primarily by regional and local differences in employment trends that are unrelated to minimum wage policies.”
The findings raise an important question: if employers aren’t responding to minimum wage increases by the seemingly logical action of cutting employment — which is what Republicans predict — then, what are employers doing?
John Schmitt finds the answer in a paper out this month for the Center for Economic and Policy Research. After reviewing the available data, he concludes that employers react to minimum wage increases by adjusting their practices in a wide range of ways, some of which can strengthen their businesses and the economy as a whole:
- 1. Improving efficiency. An increase in the minimum wage may lead employers to encourage employees to work harder, since they’re now being paid more. Such an adjustment may be preferable to “cutting employment (or hours) because employer actions that reduce employment can ‘hurt morale and engender retaliation.’” A review of 81 fast-food restaurants in Georgia and Alabama found that “90 percent of managers indicated that they planned to respond to the minimum-wage increase with increased performance standards such as ‘requiring a better attendance and on-time record, faster and more proficient performance of job duties, taking on additional tasks, and faster termination of poor performers.’”
2. Increasing demand. Raising the minimum wage may increase demand for goods and services and bolster consumer spending, offsetting the increase to employer costs. One study estimates “that an increase in the minimum-wage
from its current level of $7.25 per hour to $9.80 per hour by July 2014 would increase the earnings low-wage workers by about $40 billion over the period” and create some 100,000 jobs.
3. Lowering turnover. A higher minimum wage “makes it easier for employers to recruit and retain employees” and may even “compensate some or all of the increased wage costs, allowing employers to maintain employment levels.” One study found “striking evidence that separations, new hires, and turnover rates for teens and restaurant workers fall substantially following a minimum wage increase…”
4. Increasing prices. A comprehensive review of more than 30 academic papers on the price effects of the minimum wage found that “most studies reviewed above found that a 10% US minimum wage increase raises food prices by no more than 4% and overall prices by no more than 0.4%”; and “[t]he main policy recommendation deriving from such findings is that policy makers can use the minimum wage to increase the wages of the poor, without destroying too many jobs or causing too much inflation.”
As Joel Benoliel, senior vice president and chief legal officer at Costco, told CBS News, “If you have the best people in the marketplace working very hard because they’re being paid better, you end up spending less on labor, not more.” “There’s a fundamental misunderstanding among many employers who focus on how little they can pay. Our philosophy is that we actually pay less for labor per hour when we look at productivity and sales per hour,” he said.
Different employers will react in different ways, some reducing the benefit of the minimum wage for workers, others improving their well-being. The GOP’s doom and gloom predictions, however, are unfounded and contrary to their rhetoric, the majority of low‐wage workers “are not employed by small businesses, but rather by large corporations with over 100 employees.” These companies have largely recovered from the recession and can afford to pay their employees more.
In fact, the three largest employers of minimum wage workers, Wal‐Mart, Yum! Brands (Pizza Hut, Taco Bell, and KFC), and McDonald’s, all are more profitable than they were before the Great Recession and “have awarded their top executives multi-million dollar compensation packages.”
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_Gadianton
- _Emeritus
- Posts: 9947
- Joined: Sat Jul 07, 2007 5:12 am
Re: Raising minimum wage increases unemployment
Well BC, that article is actually reasonable. I'm surprised you posted it. I'm not saying it's true, but it's not a mess of stupidity and contradictions. Then again, it came from a search engine news site, so little chance it's going to tie some imperative for throwing animal blood around into implementing supply-side macro policies. You should leave the Church and just read Yahoo for now on.
Lou Midgley 08/20/2020: "...meat wad," and "cockroach" are pithy descriptions of human beings used by gemli? They were not fashioned by Professor Peterson.
LM 11/23/2018: one can explain away the soul of human beings...as...a Meat Unit, to use Professor Peterson's clever derogatory description of gemli's ideology.
LM 11/23/2018: one can explain away the soul of human beings...as...a Meat Unit, to use Professor Peterson's clever derogatory description of gemli's ideology.
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_moksha
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Re: Raising minimum wage increases unemployment
Brackite wrote:Thank God that the GOP was able to retain control of the House of Representatives!!
Wonder if there is gerrymandering between the districts in Spirit Prison?
Cry Heaven and let loose the Penguins of Peace
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_Kevin Graham
- _Emeritus
- Posts: 13037
- Joined: Fri Oct 27, 2006 6:44 pm
Re: Raising minimum wage increases unemployment
Published this morning from The Economist:
As I was telling cinepro. It has not been demonstrated as an economic fact that increased minimum wages undoubtedly lead to higher unemployment.
BARACK OBAMA has long made income inequality a central theme of his second-term agenda. He has already tackled inequality from the top by preserving tax cuts for everyone but the rich. In his address to Congress on February 12th, he dealt with it from below, proposing to raise the federal minimum wage by 24%, benefiting, so the White House claimed, 15m low-wage workers.
America’s minimum wage has long been low by international standards, equalling just 38% of the median wage in 2011, close to the lowest in the OECD (see chart). Congress changes it only occasionally, and in the interim inflation eats away its value. The wage was last raised, to $7.25 per hour, in 2009. Since then its real value has slipped back to where it was in 1998. Twenty states now have minimum wages above the federal rate, compared to 15 in 2010, according to the Economic Policy Institute, a liberal research group.
Mr Obama’s proposal would boost the nominal wage to $9 per hour by 2015, restoring it, in real terms, to its 1979 level, though relative to median wages it would still be lower than in many other rich countries. Thereafter, it would be indexed to inflation. He would also raise the minimum wage for workers who receive tips for the first time in over 20 years.
The proposal drew the predicted response: labour and liberal groups said it would reduce poverty and raise the spending power of the poorest workers, while businesses and Republicans (whose co-operation is needed if the proposal is to become law) said it would cost low-skilled workers jobs.
The economic consequences are hard to predict. Economists historically frowned on minimum wages as distortionary price fixing that reduced demand for workers affected by the wage. But that assumption has come under fire from a growing body of research. The introduction of Britain’s minimum wage in 1999 had no notable impact on jobs, for example. In America, the White House approvingly cites research by Arindrajit Dube, William Lester and Michael Reich that compared counties where the minimum wage rate rose to neighbouring counties in states where it didn’t and found no negative effect on employment. The theory is that higher wages reduce costly turnover, reducing the incentive to lay workers off.
Some minimum-wage proponents go even further, arguing that a higher minimum boosts jobs by shifting income towards people who consume more of what they earn. The EPI, for example, last year claimed a minimum wage of $9.80 per hour would create 100,000 jobs.
But David Neumark and William Wascher, who have long studied, and been critical, of the minimum wage, maintain the evidence bears out basic economic intuition: a higher minimum wage costs some low-skilled workers their jobs while helping those who keep them. Mr Neumark is particularly dismissive of the notion that a higher minimum wage can boost the economy, and indeed that is not a claim the White House makes.
For Mr Obama, that may not matter. His speech contained many more effective means to boost growth and incomes of the poor, from increased infrastructure to early childhood education. Unlike the minimum wage, though, they cost the government money that it doesn’t have.
As I was telling cinepro. It has not been demonstrated as an economic fact that increased minimum wages undoubtedly lead to higher unemployment.
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_Kevin Graham
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Re: Raising minimum wage increases unemployment
http://press.princeton.edu/titles/5632.html
Myth and Measurement:
The New Economics of the Minimum Wage
David Card & Alan B. Krueger
Review:
"The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives
"Card and Krueger didn't just question the conventional wisdom; they attacked it in a novel and powerful way. Instead of concocting a mathematical model and `testing' it with advanced statistical techniques, which is what most economists call research, they decided to test the theory in the real world. . . . The work of Card and Krueger was worth a hundred theoretical models in The American Economic Review."--John Cassidy, The New Yorker
"David Card and Alan Krueger have written a book that represents a phenomenal amount of careful and honest research and that will be a classic in the minimum wage literature and also in the broader field of empirical labor economics.... A model of how to do good believable research, this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations Review
"Clearly, this book should be read by any economist who wants to stay abreast of substantive, high level debates within the profession.... The book already has assumed an important position within the field of labor economics, and significant research in years to come is likely to revolve around its principle thesis."--K. A. Couch, Journal of Economics
Myth and Measurement:
The New Economics of the Minimum Wage
David Card & Alan B. Krueger
Review:
"The Card-Krueger work is essentially correct: the minimum wage at levels observed in the United States has had little or no effect on employment. At the minimum, the book has changed the burden of proof in debates over the minimum, from those who stressed the potential distributional benefits of the minimum to those who stress the potential employment losses."--Richard B. Freeman, Journal of Economic Perspectives
"Card and Krueger didn't just question the conventional wisdom; they attacked it in a novel and powerful way. Instead of concocting a mathematical model and `testing' it with advanced statistical techniques, which is what most economists call research, they decided to test the theory in the real world. . . . The work of Card and Krueger was worth a hundred theoretical models in The American Economic Review."--John Cassidy, The New Yorker
"David Card and Alan Krueger have written a book that represents a phenomenal amount of careful and honest research and that will be a classic in the minimum wage literature and also in the broader field of empirical labor economics.... A model of how to do good believable research, this book will be influential for a long time."--Paul Osterman, Industrial and Labor Relations Review
"Clearly, this book should be read by any economist who wants to stay abreast of substantive, high level debates within the profession.... The book already has assumed an important position within the field of labor economics, and significant research in years to come is likely to revolve around its principle thesis."--K. A. Couch, Journal of Economics
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_Droopy
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Re: Raising minimum wage increases unemployment
This book is 18 years old and has been thoroughly dismembered by free-market economics scholars who actually understand how economies work and why actually existing human beings who actually respond to economic incentives and pressures created by public policy do what they do within those economies.
http://www.cato.org/sites/cato.org/file ... 15n1-8.pdf
http://epionline.org/studies/epi_njfastfood_04-1996.pdf
http://mises.org/daily/2596
http://www.walterblock.com/wp-content/u ... lation.pdf
http://www.businessweek.com/stories/199 ... redibility
http://www.becker-posner-blog.com/2006/ ... ecker.html
http://www.cato.org/sites/cato.org/file ... /PA701.pdf
Minimum wage laws are yet another example of that which is seen, and that which is not seen. They're just another tool used by the Anointed to wield arbitrary power and control over the behavior, decisions, and lives of others for their own pet ends and the stoking of their sense of in-group moral self-congratulation.
http://www.cato.org/sites/cato.org/file ... 15n1-8.pdf
http://epionline.org/studies/epi_njfastfood_04-1996.pdf
http://mises.org/daily/2596
http://www.walterblock.com/wp-content/u ... lation.pdf
http://www.businessweek.com/stories/199 ... redibility
http://www.becker-posner-blog.com/2006/ ... ecker.html
http://www.cato.org/sites/cato.org/file ... /PA701.pdf
Minimum wage laws are yet another example of that which is seen, and that which is not seen. They're just another tool used by the Anointed to wield arbitrary power and control over the behavior, decisions, and lives of others for their own pet ends and the stoking of their sense of in-group moral self-congratulation.
Nothing is going to startle us more when we pass through the veil to the other side than to realize how well we know our Father [in Heaven] and how familiar his face is to us
- President Ezra Taft Benson
I am so old that I can remember when most of the people promoting race hate were white.
- Thomas Sowell
- President Ezra Taft Benson
I am so old that I can remember when most of the people promoting race hate were white.
- Thomas Sowell
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_Quasimodo
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Re: Raising minimum wage increases unemployment
Droopy wrote:Minimum wage laws are yet another example of that which is seen, and that which is not seen. They're just another tool used by the Anointed to wield arbitrary power and control over the behavior, decisions, and lives of others for their own pet ends and the stoking of their sense of in-group moral self-congratulation.
I'm certainly not an economist (do OK with the family budget), so help me out here Droopy.
If everyone has to pay the same minimum wage, then doesn't that negate the need to employ less people to vie with competitors?
This, or any other post that I have made or will make in the future, is strictly my own opinion and consequently of little or no value.
"Faith is believing something you know ain't true" Twain.
"Faith is believing something you know ain't true" Twain.