This is why socialists are economic ignoramuses. Even while they promote their income redistribution schemes, they inevitably run afoul of basic economic laws that any freshman in college learns in Econ 101. Forbes Tim Worstall shows how Senator Bernie Sanders actually proves the case against a $15 an hour minimum wage on his own webpage: This isn’t, perhaps, quite what Bernie Sanders thinks he is saying over on his Senate page but it is indeed what he is saying. He’s providing us with the proof perfect that a rise in the minimum wage to $15 an hour will costs jobs. For he’s telling us that the rise in the minimum wage will be paid for by a combination of three things. Firstly, a rise in prices of goods made by minimum wage labour. This will reduce the volume of such goods purchased (no, really, demand curves do slope downwards) and thus lead to less minimum wage labour being employed. Part of it will be paid for by lower profits. And yes, demand curves...(Read Full Post)