06-12-2024, 02:55 PM
(06-12-2024, 09:32 AM)CJD Wrote: The real minimum wage meaning slavery?
Per Thomas Sowell's boos Basic Economics,
"Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker's productivity worth that amount—and, if it is not, that worker is unlikely to be employed."
We see this to be true in places where the minimum wage is substantially increased over a short period of time.
Employees lose their jobs and the price of goods provided by the facility increases.
