Murray N. Rothbard wrote:
In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period. The law says: it is illegal, and therefore criminal, for anyone to hire anyone else below the level of X dollars an hour. This means, plainly and simply, that a large number of free and voluntary wage contracts are now outlawed and hence that there will be a large amount of unemployment. Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result.
Then, of course, the government can come to the rescue of the suckers it just unemployed with welfare (unemployment). Amazing how this works isn’t it?
Good reasoning there. Also,America used to have industry jobs mainly here at home. Now they are overseas and workers who don’t have the money or ability otherwise to attend college and be a white collar worker are SOL. Used to be an uneducated person could at least make a living and raise a family doing simple home grown jobs but no more. Now they are regulated and taxed to death.
but if the market already provides the best possible outcome for society, how are the political gods suppose to demonstrate their awesome powers?