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News Link • Minimum Wage

Bernie Sanders and the $15 Minimum Wage Delusion

• by Walter E Block

We only disagree on the best means toward this goal. While he thinks a minimum wage of $15 per hour would pretty much do the trick, I think it would be a disaster, not only economically, but also ethically.

Why do I insist upon this seemingly unlikely view? Would it not be better if the wages of the unskilled were boosted upward toward this rather modest goal? After all, it is very difficult to live on a mere $7.25 per hour, and, if somehow this legislation were eliminated entirely, would wages not plummet toward zero? This is the view held by many well-meaning folks.

Well-meaning as it may be, it's also entirely erroneous. Wage legislation isn't like a floor, holding up payments to labor. Rather, it is akin to tearing off the bottom rungs of the employment ladder. Let me explain.

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