Minimum wage hike is a way to abdicate responsibility

Earlier this month I wrote a brief post explaining why raising the minimum wage is a dumb idea from an economic perspective and harms the very people it’s supposed to help. In a nutshell, setting an arbitrary minimum wage may make us feel good, but it shuts the young, the poorly educated, and the low-skilled out of the job market by ignoring the basic economic laws of supply and demand.

So raising the minimum wage allows us to smugly congratulate ourselves over the lucky few who still get jobs and are paid more, but we don’t see the many others who want to work but can’t because the value they can add to a good or service is less than the minimum wage an employer would have to pay them.

Click here to read the rest of this post at Sutherland Daily.