Americans are struggling with inflation, and their wages aren’t keeping up. On that, I agree with my counterpart.
Unfortunately, the folly of our government possessing the ability to issue a “correction” when it comes to wages continues to be advertised as a viable policy solution, but that is pure illusion. Good intentions, combined with a lazy reliance on government coercion, have those on the left again considering tinkering with the mechanism of a “minimum wage,” to the detriment of those whom such a policy is aimed at helping.
When minimum wage policies are enacted, those who lack foundational job skills and a proper education are the first ones to be let go (or have their hours reduced). Reinforcing this, a study from researchers at the University of Washington examined Seattle’s then-recent minimum wage increase and found low-income workers ($19-per-hour and under) had a drop in their hours of 9.4%, representing some 3.5 million hours of work. The bulk of analysis on minimum wage laws has shown employment is reduced with an increase. The U.S. Department of Labor’s analysis of the first federal minimum wage law in 1938 showed at least 10% of those affected by the law lost their jobs.
For those who are searching for a job? How will that task be made any easier by artificially increasing their labor cost further?
We hear of the impending threat artificial intelligence and automation have on low-income workers, but do we not consider such technologies will now be even...
Park Filed Complaint Against President Lee Ahead of 2021 Election Jang Youngha Sentenced to One Year in Prison, Two Years Probation Confirmed The police have launched an investigation into Park Chu...