So you think you know how the world works? The very popular push to raise the minimum wage to $15/hour is in full swing and gaining ground. But there are many false assumptions at work in this movement. I realize some of you already are aware employees get their paychecks from their employers, the businesses who’ve hired them. But not everyone knows this. And many people don’t realize where businesses get their money; many think all businesses have millions in cash resting safely in the bank, and the only reason workers are paid low wages is because of corporate greed. That’s the sort of enlightened ignorance that governs not only the popular movement for a $15/hr minimum wage, but also the political one.
So instead of reading (or rather listening to someone else talk about) only the things $15/hr advocates want to hear, someone needs to explain how the world really works. These two articles address the flawed studies used to support the high minimum wage.
A $15 minimum wage is a terrible idea
June 22, 2013 by Dylan Matthews
Raising minimum wage won’t lower poverty
September 16, 2011 by Michael Saltsman
The Congressional Budget Office has looked at a higher minimum wage as well, and that office says something very different from what President Obama is saying.
Minimum Wage Hike Could Cost 500K Jobs, CBO Reports
February 18, 2014 by JOHN PARKINSON
Of course, if you’re really a nut job who wants to actually look at a real study instead of just reading news articles journalists have written about the data, you can find one here:
Revisiting the Minimum Wage-Employment Debate: Throwing Out the Baby with the Bathwater?
January 2013 by David Neumark, J.M. Ian Salas, William Wascher
I also recommend considering some dangerously explicit common sense on the matter.
culture, economics, economy, government, ideology, left wing, liberalism, nanny state, philosophy, political correctness, poverty, progressive, propaganda, public policy, recession, reform, regulation, socialism, spending, study, unintended consequences