Of the various flavors of government interventionism in our lives, the minimum wage is perhaps the most welcomed. It appeals not only to our innate sense of “fairness” but also to our self-interest. Its allure may erroneously lead us to the conclusion that because “it is popular,” ergo “it is right.”
The more astute proponents of the minimum wage, however, immediately point to the obvious; namely, that an extreme minimum wage ($1,000 per hour) would be unequivocally detrimental. However, the proponents quickly turn to dismissing this fear by asserting that, empirically, no such job loss occurs when the minimum wage is slowly raised. This is akin to arguing that although fire can boil water, a small fire won’t heat it up. The support for this assertion is the oft-cited 1994 study by Card and Krueger showing a positive correlation between an increased minimum wage and employment in New Jersey. Many others have thoroughly debunked this study and it is significant that the original authors eventually retracted their claims.
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3 comments:
What are the numbers of white vs blacks on welfare?
11:40
Which numbers would you like? There are more white people on welfare since there are more white people in the USA. If you take the population of whites and divide it by how many are on welfare and do the same with blacks the percentage will show that there are more blacks on welfare per capita.
class welfare - raising minimum wage means less jobs which meand more unemployed people on welfare. more mindless sheep
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