Scott Clifton | Asheville Citizen-Times | September 10, 2008...
"The first thing that happens when a price is raised on a good or service is that consumers will not buy it as much — or at all. And the first thing that happens when the minimum wage is raised, say, to $8 an hour, is that no employer who believes an employee is not worth his “price” of $8 an hour will be employed at all. It is impossible to make someone worth a certain amount by making it illegal for anyone to offer him less."
COMMENT ON LTE:
The writer makes excellent comments and shows how this government interference in the natural economy is not wrong because it's impractical, but impractical because it's wrong.
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Minimum Wage Causes Maximum Pain
Burton W. Folsom | Jun. 1, 1998
Sixty years ago on June 25, 1938, President Franklin Roosevelt signed into law America’s first minimum wage: 25 cents an hour, rising to 40 cents an hour over the next seven years, which is equivalent to almost $5.00 in 1998 dollars. Today, many increases later, Senator Ted Kennedy of Massachusetts is pushing for yet another hike in the minimum wage. Now is a good time to reexamine the origins of this important law and its impact on the job market...
