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A Thought on the Laws of Economics and the Minimum Wage

"Aaron Pacitti, Siena College professor of economics, wrote that raising the minimum wage "would reduce income inequality and poverty while boosting growth, without increasing unemployment." The leftist Center for Economic and Policy Research has written a paper whose title tells it all: "Why Does the Minimum Wage Have No Discernible Effect on Employment?" The U.S. Department of Labor has a page on its website titled "Minimum Wage Mythbusters," which relays a message from liberal economists: "Increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers." (embedded 'tinyurl' link for DoL webpage in original; links to 1) Professor Pacitti and his Huffington Post article and 2) CEPR study added)

"What the liberals believe -- and want us to believe -- is that though an increase in the cost of anything will cause people to use less of it, labor is exempt from the law of demand. That's like accepting the idea that the law of gravity influences the falling behavior of everything except nice people. One would have to be a lunatic to believe either proposition."

~ Walter E. Williams. Economics Professor, George Mason University

Source: His September 23, 2015 Column, posted at Townhall.com.


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