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Monday, August 29, 2016

In D.C., The Minimum Wage Goes Up And Jobs Go Down

By Forbes, Aug 26, 2016 

Sometimes we neoliberal capitalist types are real blue meanies to proper liberals. We just keep on pointing out that economic actions depend not upon desires, wishes or wants, but upon actual economic factors. Thus it is with minimum wage rises. Sure, it would be great if the poorer people out there had higher incomes. But simply legislating that they must be paid more doesn’t cut it. As we find here in Washington DC. They’ve raised the minimum wage and the number of jobs in restaurants has fallen. More, the areas around DC, very similar in other ways except for the minimum wage rise, have added jobs, not lost them. That is, demand curves really do slope downwards, people tend to purchase less of something which becomes more expensive. Raise wages and employers will buy less labor. This is not a difficult concept although it does seem to be beyond half of politics and very much too many politicians.

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