When wishful thinking meets reality
Higher minimum wages leading to layoff, mostly of those who earn in the lower side of the scale? shocking!
It is not surprising however that corporations, like wal-mart, were in favor of the increase of minimum wages - it kills the competition, mostly if the competition is the small retailers:
Big businesses such as Wal-Mart can weather a 20 percent increase in the federal minimum wage, but small businesses, especially in low-wage states, will suffer. In a recent study in the Cato Journal, Thomas Garrett and Howard Wall, economists at the Federal Reserve Bank of St. Louis, find that "in the relatively poor states the federal minimum wage results in fewer entrepreneurs and fewer of the benefits that entrepreneurship can bring.
But this is OK, we will keep follow the great European example and will get used to the the French level of unemployment - and its effect on the society. The next step will be to punish states that lower their taxes…
(H/T Qando)
Technorati Tags: Taxes - Minimum Wages - The Free Market - Layoffs - Unemployment
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