Winners, Losers, and the Minimum Wage

Many support the idea of a minimum wage, and usually that support is driven by a desire to help those with less.  That inner desire is noble, but minimum wage laws have been around a long time, and people have had plenty of time to study their impact.  Even with the best of intentions, if these laws harm those at the bottom, we should discard them. "No business which depends for existence on paying less than living wages to its workers has any right to continue in this country.  By living wages, I mean more than a bare subsistence level -- I mean the wages of decent living" (FDR, 1933). Before looking at the impacts of the minimum wage, it's helpful to review its basic premise.  Minimum wage laws assume that any job that doesn't afford a "decent living" is exploiting you. The largest problem with this premise, besides who determines what constitutes a "decent living," is that, on careful examination, it assumes that an employer can force people to work for an...(Read Full Article)

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