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.
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...