Are Minimum Wages and Payroll Taxes a Constraint to the Creation of Formal Jobs in Morocco? by Diego F. Angel-Urdinola, Abdoul Gadiry Barry, Jamal Guennouni :: SSRN

“The results indicate that these regulations, especially minimum wage policy, contribute to higher unemployment rates and constraint formalization in Morocco, especially for youth and women.”

For anyone who still thinks minimum wage laws help people get ahead or climb the economic ladder… first you must actually be able to reach the first rung on the ladder!

Source: Are Minimum Wages and Payroll Taxes a Constraint to the Creation of Formal Jobs in Morocco? by Diego F. Angel-Urdinola, Abdoul Gadiry Barry, Jamal Guennouni :: SSRN

Venezuela and Santa Claus vs Thomas Sowell and the Little Red Hen | International Liberty

In the short run, though, the Venezuelan government gets to play Santa Claus. At least for 2016.

But it won’t have that option in 2017. And because the nation’s kleptocratic government is running out of victims, it’s just a matter of time before the system collapses, at which point the government either gives up power or launches a brutal crackdown.

Hopefully the former.

Though it would remain to be seen whether the leftist thugs who currently hold power are able to escape the country with all the loot they’ve stolen, or whether they get the Ceausescu treatment.

They deserve the latter.

Earlier this year, I borrowed from Dante’s Inferno and created the Five Circles of Statist Hell. At the time, I suggested that Venezuela was on the cusp of moving from the third circle (̶…

Source: Venezuela and Santa Claus vs Thomas Sowell and the Little Red Hen | International Liberty

Comparing the cost of living between 1975 and 2015: You are being lied and fooled when it comes to inflation data and the cost of living.

Inflation is widely misunderstood by the public. Even economists tend to have a hard time coming to a general agreement to the true definition of inflation.  When you ask the person on the street what inflation is they usually respond by saying the “price of things going up” which is more of a

Source: Comparing the cost of living between 1975 and 2015: You are being lied and fooled when it comes to inflation data and the cost of living.

Comparing the cost of living between 1975 and 2015: You are being lied and fooled when it comes to inflation data and the cost of living.

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

Hillary Clinton, Willie Sutton, and Class-Warfare Tax Policy | International Liberty

I don’t want to imply that there’s some moral equivalence between Hillary Clinton and Willie Sutton. Perish the thought!

After all, I’m sure Willie Sutton never expected gratitude from his victims.

If I had to summarize my views on fiscal policy in just two sentences, here’s what I would say.

  1. Government spending undermines growth by diverting labor and capital from more productive uses to less productive uses.
  2. Tax rates on productive economic behaviors such as work, saving, investment, and entrepreneurship should be as low as possible.

Since innovation, risk-taking, investment, entrepreneurship, and hard work are the keys to long-run growth, it certainly seems that the tax code shouldn’t be punishing those things.

She (Hillary) wants voters to adopt and us-vs-them mentality, so she demonizes successful people and implies that their wealth is somehow illegitimate.
In part, she is perpetuating the traditional leftist myth that the economy is a fixed pie and that the rest of us have less because someone like Bill Gates has more.

Source: Hillary Clinton, Willie Sutton, and Class-Warfare Tax Policy | International Liberty

Old Lies – Thomas Sowell

tom_4b

Thomas Sowell

We expect to hear a lot of lies during an election year, and this year is certainly no exception. What is surprising is how old some of these lies are, and how often they have been shown to be lies, years ago or even decades ago.

Too many people in the media and in academia abandon their roles as conduits for facts and take on the role of filterers of facts to promote social and political agendas.

In all too many educational institutions, from kindergartens to postgraduate university programs, students may never hear any facts that contradict the prevailing groupthink.

People who are looking for grievances are not going to be stopped by facts, especially if they are in politics. But where are our media pundits and our academic scholars? Mostly silent, either out of fear of being denounced as anti-women or because they have chosen to take sides rather than convey facts.

One of the oldest of these lies is that women are paid less than men for doing the same work. Like many other politically successful lies, it contains just enough of the truth to fool the gullible.

We do not need to guess about such things. Many studies have been done over many years — and they repeatedly show that women and men who work the very same hours in the very same jobs at the very same levels of skill and experience do not have the pay gaps that people like Hillary Clinton loudly denounce.

As far back as 1971, single women in their thirties who had worked continuously since high school earned slightly more than men of the same description. As far back as 1969, academic women who had never married earned more than academic men who had never married.

People who are looking for grievances are not going to be stopped by facts, especially if they are in politics. But where are our media pundits and our academic scholars? Mostly silent, either out of fear of being denounced as anti-women or because they have chosen to take sides rather than convey facts.

Source: Old Lies – Thomas Sowell

Nine Key Takeaways from Brexit | International Liberty

What an amazing vote. The people of the United Kingdom defied the supposed experts, rejected a fear-based campaign by advocates of the status quo, and declared their independence from the European …

Source: Nine Key Takeaways from Brexit | International Liberty