Inevitably government attempts to implement a price support mechanism in the labor market (the minimum wage) are just as successful as the rest of their attempts to control prices. From Jacob G. Hornberger at fff.org:
According to an article on the website Common Dreams, leftists are lamenting the fact that the federal minimum wage has not been raised since 2009. They are saying that the current $7.25 federal minimum wage is an “abomination.” They want it raised to at least $15 an hour and, preferably, higher.
It is amazing to me that this subject even still has to be debated. What is it that causes such a big mental block among leftists to sound economic reasoning?
If all that governments have to do to raise people’s standard of living is raise the government-mandated minimum wage, then why are North Korea, Cuba, and Venezuela still so poor? After all, according to leftists, all they have to do to raise their people out of poverty is raise the minimum wage. Why haven’t the dictators of those countries figured that out? Maybe leftists haven’t gotten the word to them.
