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Minimum wage is one of the very worst examples for advocates of government regulation. Almost NO serious economist supports minimum wages because the economic consequences are obvious. That one is almost too easy. Holding the price of goods artificially high causes a surplus of those goods to accumulate. When the "goods" we are talking about is human labor, the surplus is called unemployment. And, by the way, unemployment is a BIG problem in Europe.
Ask any supporter of minimum wage why not make it a million dollars an hour?
The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.
"Who would be free, themselves must strike the blow." - Byron
"Who overcomes by force, hath overcome but half his foe." - Milton
There is something here which is a big problem.. Maybe the biggest problem of all, but isnt even mentioned..
And that is government's need to justify the paychecks of its workers.
I talk from firsthand experience as a former business owner.
If you make too much money... Hire too many people.. Become too successful.. You put yourself up on the radar.
Specifically if you hire too many people... Then govt comes in and invents an excuse for themselves to get a piece of the pie.. Be it labor department, state regulations, etc..
Basically anybody who starts a company and hires 100 workers will have the govt up their ass with a microscope in no time at all.
Whereas if you outsource 100 people from India, there wont be any problem from govt..