The Right Minimum Wage: $0.00

December 19th, 2013 by Leave a Comment

We’ve written often about the unintended consequences of the minimum wage (and all price controls). But it’s a sea change when a New York Times editorial agrees: “Anyone working in America surely deserves a better living standard than can be managed on $3.35 an hour. But there’s a virtual consensus among economists that the minimum wage is an idea whose time has passed. Raising the minimum wage by a substantial amount would price working poor people out of the job market. A far better way to help them would be to subsidize their wages or – better yet – help them acquire the skills needed to earn more on their own.”

Here’s a link to a video of Milton Friedman on the minimum wage: http://www.powerlineblog.com/archives/2014/01/minimum-wage-might-as-well-check-in-with-milton.php

 

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