When discussing the minimum wage, the go-to opinion is that it will destroy jobs.
But that’s not all it does. It slashes hours, it reduces benefits, it increases employees’ workload, and it even lowers workers’ overall take-home pay.
There is something else that is usually omitted from the conversation (perhaps on accident): entry-level job growth.
John Stossel examined the data that showed Seattle’s $15 minimum wage had affected entry-level job growth.
Here is the clip:
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The federal minimum wage should be set at $0. For several reasons.
1. Government should not interfere in the decision of what a worker should be willing to sell their services to an employer for;
2. Government should not interfere in the decision of an employer of what should be charged for those services;
3. A higher government-mandated minimum wage will result in immediate unemployment, as employers try to adjust their pay scales to the infringed-upon “market”;
4. Government is not a participant in the operations of any business. Setting a minimum wage places their fat thumbs on the scale that unbalances a fair market.
If you want full employment, eliminate any government-mandated minimum wage.