Maximum Sense on the Minimum Wage

by Don Boudreaux on August 31, 2009

in Intervention, Myths and Fallacies, Seen and Unseen, Video, Work

In this short video — about two minutes long — John Stossel challenges the notion that a legislated ‘minimum wage’ is generally good for low-skilled workers.

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The Other Eric August 31, 2009 at 5:57 pm

I am beginning the call for the $100-an-hour minimum wage. It will be a boon for all entry-level workers across the economy.

Anonymous August 31, 2009 at 8:29 pm

Why stop there? Make the minimum wage $1,000,000/hour. Then, we can all be billionaires. Wee!

Anonymous August 31, 2009 at 8:23 pm

I respect what Stossel is trying to do, but he sounds so…whiney.

Gil September 1, 2009 at 3:45 am

Yeah! Workers should be happy enough to be paid in food and clothing they shouldn’t need money at all! One of the unintended consequences of ending slavery was the way all the slaves were suddenly unemployed with no means of support.

On the other hand, why are the higher-up employees needing big salaries either? That money should be put back into the business for greater reinvestment and profit. The maximum wage should be set at $50,000 and if workers don’t like it they can try and start their own business.

Anonymous September 2, 2009 at 12:04 am

The minimum wage is zero. Minimum wage legislation does nothing more than ban all paid employment below the “minimum wage”. Raising the minimum wage just raises the bar that people must achieve to get any employment at all.

Well, it also gives automatic pay increases to union member constituents whose pay is indexed to the minimum wage.

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