Counter-Moves in the American Economy

Did anyone notice the counter-moves emerging in the American economy last week? The week after the President of the United States sat in a Washington DC park with illegal immigrants telling them that "change" would only come about by their continuing to protest, and the Pope touted the evils of capitalism, thousands of fast-food employees demonstrated across the country demanding that their wages be doubled. Yes, doubled -  from roughly $7.50 an hour to $15 dollars an hour. Welcome to chapter 17 of the redistributionist economy, where income is based on extracting benefits from government or industry, rather than being paid what one is worth. We are living in an age that has forgotten the lessons of the past. Leave aside that minimum wage jobs are mostly occupied by teenage, entry-level and part-time workers. Ignore the fact that imposing higher wages on companies eliminates jobs, raises prices and reduces profitability. Remember in the 70's how badly wage and price controls...(Read Full Post)