August 5, 2015

Wages of Stupidity

Teed up for any TS'ers who still have the patience to explain these things to the Sander-ites.

The idea of using a minimum wage to overcome poverty is old, honorable and fundamentally flawed.
Thus spake ... The New York Times. Whose 1987 editorial argues the correct federally-mandated minimum wage is zero.

And Brookings just came out against the $15 wage that's all the current rage
(double-entendre intended!)

I have much more serious worries about a $15 an hour minimum wage, which constitutes a wage increase of 50% to 100% in most places (even after adjusting for inflation). In cities like Seattle, with a relatively more educated workforce and dynamic labor market, it might be a gamble worth taking. But in other cities, such as L.A. and Washington, D.C. with their large populations of less-educated workers, including unskilled immigrants such increases are extremely risky.

Those people are "stuck on stupid." Hat Tips to those tireless folks at PowerLine

Economics and Markets Egalitarian Socialism Posted by nanobrewer at August 5, 2015 11:53 PM

The Science is Settled!

Economists are pretty famous for equivocation, but you have to go way out to the political fringe to support minimum wage. It's one of the rare consensuses.

When economics fails to back up your policy: Bring up Finland!

Posted by: jk at August 6, 2015 4:20 PM | What do you think? [1]