Tragically, minimum wages have the unquestioned support of good-hearted, well-meaning people with little understanding, who become the useful idiots of charlatans, quacks and racists.
-Walter E. Williams
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I really wish Williams could reach a wider audience, especially liberals. Teen unemployment is at 20%, the government mandates employers pay them more than they are worth, and liberals wonder why the rate is so high.
ReplyDeleteThe minimum wage is not designed to help the poor so much as it is to raise wages for union members and act as protectionism against new members of the workforce.
ReplyDeleteAnd since it is inflationary, more money for the same amount of services, it drives the price of everything up, which, as the NYT would note, hits the poor and minorities hardest.