Quite remarkably, for the second time in a week, The New York Times has shown some economic sense. Let me repeat that, with some emphasis added: For the second time in a week, The New York Times has shown some economic sense.
Tagged: minimum wage
The proposed wage New York State wage increase, limited to fast food restaurants with thirty or more locations, “doesn’t do much to raise incomes for workers who don’t work at fast-food chains,” the Times helpfully points out, “[a]nd it imposes higher costs on some businesses than others; in this case, much higher, because fast-food chains will be required to pay about $6 an hour more than their nonchain competitors.” Good points, both.
Hydraulic fracturing, also known as “fracking,” has made the United States the world’s leading producer of natural gas and oil. The country is producing record amounts of natural gas and crude oil production has increased by 80 percent since 2008. This increasing production has helped the United States drill its way to lower energy prices, which has resulted in large savings for every American, especially those who need it most.
For governments everywhere, taxes and regulations are like Lays Potato Chips – no one can eat just one.
In part, of course, because governments’ appetite for taking our money and controlling our lives is insatiable. It’s their nature.
And because government intervention just about always makes things worse.
More than 3.1 million workers across the nation received a late Christmas gift on Jan. 1, when minimum wages were increased in 21 states. Although the mandated wage hike was welcomed by many workers, they will soon find that their new pay raise will cause more harm than help.
If any of my predictions turn out to be true, I will claim bragging rights, but mostly what I intend to do is maintain my personal sense of hope, sensing that more people worldwide are discovering that others share their desire for less corruption and more freedom.
On November 5, voters in five states—Alaska, Arkansas, Illinois, Nebraska, and South Dakota—will decide whether to increase their respective states’ minimum wages, with the stated purpose of alleviating poverty.
While lawmakers across the country debate proposals to increase state minimum wage rates, proponents have turned their attention toward ballot measures that might kill two birds with one stone: putting voters on the record as supporting minimum wage increases as well as getting out the vote for Democrat candidates.
Changing our country and its laws back to a manageable and sane state is more complicated than the average small-government advocate may think. One cannot simply look at the situation in black and white, right and wrong mindset. A longer term strategy must be established.
Timothy Noah of MSNBC recently informed us, “In theory, raising the minimum wage ought to increase unemployment, but in practice, economists (including a few at the not-exactly-left-leaning Goldman Sachs) have lately struggled to find any real-world evidence of that happening. Job creation is actually faster in the states that have raised the minimum wage.”
Today’s economy is driven by Washington in more than just determining the location of Maserati dealerships. We see the ramifications of current government policies in numerous obvious ways. Make full-time employment more expensive with required benefits, and suddenly there are more part-time jobs; provide ample benefits and low eligibility standards for defining disabled workers, and suddenly there are more long-term unemployed going on SSDI; keep interest rates at zero, and suddenly there are more elderly workers; end unemployment insurance, and suddenly you see people accepting jobs they were reluctant to take; and as we’ve seen at the state and local level, raise the minimum wage, and suddenly teens are struggling to find work.
Heartland’s Steve Stanek talks with Erin Shannon, director of the Center for Small Business at the Washington Policy Center, about Seattle’s recent minimum wage increase. The Seattle City Council unanimously[…]
It’s June, a month famed for marriages, but it is likely to be remembered for the high rate of teen unemployment which has been soaring for a long time. By February, the national unemployment rate for youth, age 16 to 19, had reached 20.7%. By November 2013 it was three times higher than the national average of 6.6% according to the Bureau of Labor Statistics.
President Obama seems committed to forcing the minimum wage up through federal intervention. If he succeeds, it will only damage the economy further, resulting in higher unemployment and less growth. Here are four reasons a minimum wage is a bad idea.
The editorial board of the New York Times had it right 27 years ago when it wrote, “The Right Minimum Wage: $0.00.” There’s a virtual consensus among economists that the minimum wage is an idea whose time has passed. Raising the legal minimum price of labor will result in an increase in unemployment and it will be the least skilled workers, those most in need of work, who will be the first to lose jobs and the last to be hired. That would be the tragic unintended consequences if government forces the new law upon businesses.
Minimum wage has become a contentious political issue, even though it has nothing to do with a living wage. Workers are paid for the worth of the job they are paid to do. Nevertheless, Democrats plan to tap into what they perceive as income inequality by using minimum wage as a plank in their populist economic platform heading into the November elections.