Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

While economists are famous for their disagreements (and their incompetent forecasts), there is universal consensus in the profession that demand curves slope downward. That may be meaningless

jargon to non-economists, but it simply means that people buy less of something when it becomes more expensive.

And this is why it makes no senseto impose minimum wage requirements, or to increase mandated wages where such laws already exist.

If you don’t understand this, just do a thought experiment and imagine what would happen if the minimum wage was $100 per hour. The answer is terrible unemployment, of course, which means it’s a very bad idea.

So why, then, is it okay to throw a “modest” number of people into the unemployment line with a “small” increase in the minimum wage?

Source: Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

2 thoughts on “Is Anybody Shocked that Higher Minimum Wage Mandates Are Resulting in Fewer Jobs? | International Liberty

  1. Business, megacorps and megabanks are exploiting the working class at the expense of the federal government let alone the people. They offer no pension(people on soc sec can barely make it), no med ins(proposals to expand medicare and medicaid), 47 million on food stamps(well on low wages they qualify). The federal government must pick up the tab. Then we have the two biggest liars in the country(except for Hillary), Billy and Obama tell us in effort to have Obamacare passed that now that employers no longer carry the burden of health care, they will hire more workers and stimulate the economy. No they don’t. The savings goes into CEO bonuses, gold, real estate and new investment overseas(all non job producing expenditures). You can’t have a consumer society without consumers. 60% of American families live paycheck to pay check. How can they afford a car, a house or even a new refrigerator ? The politicians and employers act like being a step above poverty line is an inconvenience for people not a spiral of despair and feeling left out of the American dream.

  2. It’s as if the notion of “supply and demand” is just too complicated for their tiny brains. If the price of a commodity goes up, people will buy less of it. Simple.

    BTW if all you’re capable of doing is minimum wage work, you’d best accept the fact that you ARE a commodity and will soon be replaced by robots and/or trained chimps. Improve your skills and deliver more value to the world or face the natural consequences.

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