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After reading about the history and impact of minimum wages it is a policy that I vehemently oppose. Minimum wage started in most places as a way to price a gr
by tastyfreeze 5y ago
After reading about the history and impact of minimum wages it is a policy that I vehemently oppose. Minimum wage started in most places as a way to price a group of workers out of the market so some other group could keep their jobs at the pay they liked. Additionally, minimum wage fails to deliver on its promise of helping low income groups. It makes less jobs available to low skill workers making it more difficult to acquire skills that would increase the pay they could demand. Finally, as with any price fixing scheme a black market arises. This would be cash under the table type jobs. What is wrong with two people agreeing on a price for some work that is below what some far away bean counter thinks is acceptable?
- trasz 5y agoI wonder what exactly you’ve been reading or get to this conclusion.
- tastyfreeze 5y agoA few years ago I would have wondered the same thing. After reading Basic Economic by Thomas Sowell I searched for more information to counter the book's claims on minimum wage. In the end I came to the conclusion that Sowell is right. Minimum wage is a net negative in society. Minimum wage is harmful to the low income groups the policy is supposed to help. Example of job protection origins: https://www.forbes.com/sites/carriesheffield/2014/04/29/on-the-historically-racist-motivations-behind-minimum-wage/ https://www.forbes.com/sites/carriesheffield/2014/04/29/on-t... https://en.wikipedia.org/wiki/Davis%E2%80%93Bacon_Act_of_1931?wprov=sfla1 https://en.wikipedia.org/wiki/Davis%E2%80%93Bacon_Act_of_193... https://fraser.stlouisfed.org/files/docs/publications/bls/bls_0467_1928.pdf https://fraser.stlouisfed.org/files/docs/publications/bls/bl... Australia protecting jobs from Chinese workers pg 17 British Columbia protecting jobs from "Asiatics" pg 68 South Africa protecting jobs from "colored" workers pg 74