RANT: More about the minimum wage

http://lewrockwell.com/orig12/berwick9.1.1.html

Nightmare On Pennsylvania Avenue
by Jeff Berwick
The Dollar Vigilante

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Thank goodness I was strapped in tight! Are you kidding, Krueger? I can refute your entire book in one sentence and there is no rational thing you can say in response. Ready?

If that is true then raise the minimum wage to $1,000/hour and tell me how that will not result in unemployment rising to 99.5% or higher. At that rate, only people currently making more than $1,000/hour would be employable.

I mean, really. This is Obama’s new senior advisor?? This will probably shock him then, but removing the minimum wage completely would result in full employment. Heck, I’d even hire Alan Krueger to wash my car all day long for $0.15/hour. That may be something he is actually good at, too.

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Isn’t that the million dollar question?

What’s the “correct” minimum wage?

Depends if you treasure liberty?

Answer is zero.

It’s not the Gooferment’s biz what two willing individuals agree to.

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POLITICAL: If it’s “labor day”, let’s …

http://lewrockwell.com/williams-w/w-williams95.1.html

Race and Economics
by Walter E. Williams

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The National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938 broadened the number of workers covered by minimum wages, with negative consequences for black employment across a much wider range of industries. Good intentions motivate most Americans in their support for minimum wage laws, but for compassionate public policy, one should examine the laws’ effect. That’s seen by putting oneself in the place of an employer and asking, “If I must pay $7.25 an hour to no matter whom I hire, does it pay me to hire a worker who’s so unfortunate as to have skills that enable him to produce, say, only $4 worth of value an hour?” Most employers would view hiring such a worker as a losing economic proposition; therefore, a minimum wage law discriminates against low-skilled workers by reducing employment opportunity.

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I’ve ranted before about the minimum wage law before. Obviously, I don’t like it.

If I was King or President, I’d nuke it.

It’s simple. It’s immediately productive. And, it requires no increase in Gooferment.

As a matter of fact, we can reduce the number of bureaucrats to take all these new “minimum” wage jobs.

And for those wanting to protect poor families, don’t we have the earned income tax credit?

That’s the way to celebrate “LABOR” day.

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