The Never-Ending Capitalist Problem
[This is from an article I wrote February 21, 2013. I find it interesting that this is a prevalent issue once again. Perhaps you’ll find this illuminating for the issue at hand today.]
In President Obama’s State of the Union Address on February 12, 2013, he declared his hope that Congress raise the federal minimum wage from $7.25 per hour to $9. In his 2008 campaigns, Mr. Obama discussed raising the wage floor to $9.50, but has since reconsidered.
From a basic course in Microeconomics, or minimal research on the Internet, anyone can quickly discern the drastic consequences of not only having a minimum wage, but especially raising it during a time of economic difficulty. Sources, such as The Wall Street Journal and The New York Times, reference renowned economists in consensus that the President’s suggestion will increase the unemployment rate and greatly cripple the poor.
Amongst...