Saturday, July 11, 2009
Peter Schiff: The Upcoming Minimum Wage Hike Will Make Unemployment Even Worse
Peter Schiff of Euro Pacific Capital wrote a great editorial this week about the upcoming minimum wage hike and the impact it will have on an already terrible unemployment situation in the United States. In short, minimum wage laws are a form of price controls on labor that can lead to a shortage of available jobs, particularly for low-income workers. Business owners faced with a minimum wage hike may deem it too expensive to pay people minimum wage for certain positions, therefore they eliminate the positions altogether and shift the responsibilities onto other workers. The end result is fewer jobs available and higher unemployment. Schiff's article contains a lot of great points, check it out here.
I also wrote about the problems with minimum wage policies. Check it out here.
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2 comments:
It seems the dems will raise taxes on the wealthy, on top of allowing the Bush Tax Cuts to expire. If only our representatives were responsible with that money. Instead, they will waste that money on their social agenda. However, helping others by providing good paying jobs here at home would be the nobel thing to do.
http://www.cnsnews.com/public/content/article.aspx?RsrcID=50895
WOW, I didn't see that tax increase announcement. They really are a dirty bunch. People are already hurting because the economy sucks and they want to grab even more money from people. Stupid and wrong.
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