New video uploaded on youtube recently. Thought I would share it here.
Great video! Peter Schiff also did this a while ago on that issue:
I think the individual that explains minimum wage the best is Milton Friedman. In "Free to Choose," "Capitalism & Freedom" and his "Free to Choose" series he touches upon this policy. Thomas Sowell also talks about it in his many interviews and books.
Also, LearnLiberty published a video on the minimum wage and anyone who wants to learn about it should check the video out on YouTube. I can't post the link for some reason.
Most people are not effected by the national minimum wage- about two percent of hourly workers are paid it (though one reason for this is that there are several states which have higher minimum wage rates than the Federal one).
Freedom is a state of mind. Nobody can take that from you unless you let them.
For example: if min wage was $5, and in a company you have people paid $5, 6, 10, 20. What if min wage was dropped to $3? Would you expect the wages to drop to $3, 5, 9, 18? Or, if the min wage was raised to $7, wouldn't you expect both $5 and $6 to turn into $7 and over $7 (as the person previously paid $1 more, would deserve slightly more than the min wage person to be fair)
What kind of logic would even produce that possibility, since the wages of those earning more than the minimum (artificial OR natural) were not in any way derived from the minimum.For example: if min wage was $5, and in a company you have people paid $5, 6, 10, 20. What if min wage was dropped to $3? Would you expect the wages to drop to $3, 5, 9, 18?
Or, if the min wage was raised to $7, wouldn't you expect both $5 and $6 to turn into $7 and over $7 (as the person previously paid $1 more, would deserve slightly more than the min wage person to be fair)
There is no "to be fair" about it. If an artificial minimum wage floor was raised to $7, the $5 and $6 would all become $7 (with some percentage laid off if those higher costs cannot be passed on). But who is at or above $7 at the time would not be in a worthless, meaningless "FAIRNESS" paradigm. Everything above $7 would be a free market negotiation between the employee and the firm who is under has no legal "price fixing" obligation with respect to wages.
Unfortunately this is not true. Since the minimum wage pushes many people out of a job, there is A LOT of productivity that is sacrificed. This means that everyone pays highers prices, essentially, across the board.
Less productivity = goods and services are more scarce. Scarcity drives prices up.
"Like an army falling, one by one by one" - Linkin Park
That's the first google search illustrating minimum wage laws (and a really good one, imho):