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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Reinke Faces Life 