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A Thought on the Minimum Wage

"When liberals want to discourage smoking, they hike cigarette taxes. When they want to encourage college attendance, they subsidize tuition. They clearly understand the relationship between price and demand.

"Yet when it comes to the minimum wage, progressives insist on pretending there is no connection — and come up with all sorts of rationalizations to explain why making people pay more for labor will not make them buy any less of it.

"Reality, however, is delivering a painful object lesson.

"Several big cities have imposed minimum-wage hikes, with more on the way. The result? Hiring has screeched almost to a halt. Investor’s Business Daily reports the grim news, based on Labor Department data:

< . . . >

"So a lot of people in those big cities are now earning zero dollars an hour. On the bright side, at least they aren’t subject to the cruelty of earning $7.25."

~ Editorial, Richmond Times-Dispatch

Source: Editorial, February 8, 2016, Richmond Times-Dispatch.

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