>> 16 Sep 2004

WHY THE MINIMUM WAGE IS BAD NEWS...



I oppose the Minimum Wage - a socialist construct if ever there was one - and am pleased to see that my view is widely shared. For those wishing a scholarly take on this topic, please read this by favourite economist, Thomas Sowell. I enjoyed this thoughful comment, "The great unsolved problem remains of what to do about the poor in general, or the low-wage workers in particular. Low-wage workers are not changed by calling them higher-wage workers, any more than students are improved by calling them B students instead of C students. The tragic educational results of the process of upgrading by fiat is hardly a recommendation for extending this practice into the economic sphere. In both cases, it is of course much harder, much slower—and more heartbreaking—to try to create real skills and real achievements. And yet nothing else will really do the job." Amen to that.

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