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.
Tagged: war on poverty
The term “welfare state” does not begin to encompass the totality of America’s commitment of resources to aid the poor. It is more like a vast empire bigger than the entire budgets of almost every other country in the world.
With Memorial Day still close in the rear-view mirror, let us reflect on the following “wars” our nation has engaged in since the Second World War, which ended nearly 66[...]