ECONOMICS: Pulling up the lower rungs of the economic ladder

http://cafehayek.com/2015/04/minimum-logic-maximum-straw.html

Minimum Logic, Maximum Straw
by DON BOUDREAUX on APRIL 18, 2015
in SEEN AND UNSEEN, WORK

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What minimum-wage hikes do unleash, however, is devastation upon a relatively small number of largely invisible workers – workers who are the least skilled and most disadvantaged.  Raising the minimum wage destroys jobs for many of these poor workers while making the jobs of other such workers more onerous.  But because these workers are so relatively few in number, their suffering, while very real, is easy to miss when looking at the aggregate data.  This fact explains why some – by no means a majority – of minimum-wage studies (particularly those that examine only short spans of time) find no negative employment effects.

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Minimum wage “laws” are devestating to the poor, minority, low income, and senior citizens.

Why are they pushed?

Cui bono.

How many of the salaries of union and “public service” jobs are tied formally or informally to the minimum wage?

Of all the stupid legislation, this ranks right up there with the dumbest of the dumb (i.e., rounding off Pi; time zones; etc.).

Argh!

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