Minimum wage laws destroy jobs, ruin opportunities, prevent teenagers from working, and shuts down businesses. It's hard to imagine a more destructive government policy.
Why do bureaucrats not get that? What is it about the mathematics of supply and demand that make educated politicians turn into mindless anti-market morons? Doubly so when that math is applied to labor?
I try to understand opposing views on this. The argument most frequently offered is that we need more government intervention because the previous government intervention we did is causing problems:
@benkross help me understand the big picture. i've got this idea that jobs, real jobs that lead to better jobs is the big picture
— Gregg Dourgarian (@GreggDourgarian) April 29, 2014
Here in Minnesota we just raised our minimum wage, and I could cry about it for the damage it does to the most marginalized in our society. Teenagers, minorities, immigrants. These are the people the plantation owners - the technocrats living fat off our taxes - are hurting.
A gelato shop, Rita's, just opened in the strip mall near me. Hundreds of teenagers applied. They applied for the money for sure, but mostly they were just kids looking for a fun job.
Now, because of the higher minimum wage, fewer of them will be hired.