Why raising the min wage proved to be a very bad thing. by Canbot in politics

[–]PanzerDivision 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period. The law says: it is illegal, and therefore criminal, for anyone to hire anyone else below the level of X dollars an hour. This means, plainly and simply, that a large number of free and voluntary wage contracts are now outlawed and hence that there will be a large amount of unemployment. Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result.

All demand curves are falling, and the demand for hiring labor is no exception. Hence, laws that prohibit employment at any wage that is relevant to the market (a minimum wage of 10 cents an hour would have little or no impact) must result in outlawing employment and hence causing unemployment.

If the minimum wage is, in short, raised from $3.35 to $4.55 an hour, the consequence is to disemploy, permanently, those who would have been hired at rates in between these two rates. Since the demand curve for any sort of labor (as for any factor of production) is set by the perceived marginal productivity of that labor, this means that the people who will be disemployed and devastated by this prohibition will be precisely the "marginal" (lowest wage) workers, e.g. blacks and teenagers, the very workers whom the advocates of the minimum wage are claiming to foster and protect:

https://mises.org/library/outlawing-jobs-minimum-wage

14 years old by Oyveygoyim in whatever

[–]PanzerDivision 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (0 children)

This happened in 2013 ...

Zerohedge has been out for hours. It looks like Biden had them suicided for pointing out the totally manipulated economic numbers. by [deleted] in corruption

[–]PanzerDivision 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Works for me.