Sunday, January 23, 2011
Warren Mayer, an entrepreneur and fellow Tiger who writes the excellent Coyote Blog, makes the best argument against the minimum wage. Read the whole thing if you harbor any notion that the minimum wage is good public policy.
The point isn't to try to actually do any good. The goal is to have the APPEARANCE of doing good. The poor kids who lose their jobs probably aren't voters. The comfortable upper middle class elbow-patched left-leaners think it's a great move and head for the polls to support it. Dopes.
The minimum wage is something that we will never be able to eliminate. Americans, on average, are extremely economically illiterate. How else can you justify so many people expressing outrage at "extreme profits" from health insurance companies who are only operating on 3-4% profit margins? Same can be said with the minimum wage. Sadly, too many people feel entitled to earning this mysterious "living wage" that as soon as any politician wishes to eliminate the minimum wage on the basis of sound economic principles, they are dead in the water.