2+2=4

It is interesting that prominent economic "experts" do not understand economics.

What happens if you raise the wage above the market price?

In the short run, nothing. But in the long run you have businesses hiring fewer people and cutting fringe benefits, new businesses do not open, or when they do they use labor-saving technologies. You have even more manufacturing going overseas.

You do not see the job not offered, but you do see the person lucky enough to keep their job at the higher wage. Thus the benefits are seen, but the costs ignored.  A minimum wage actually hurts the poor.

This video gives a presentation of basic economics, the kind of thing you learn in Economics 101, but the experts with the PhDs have forgotten.

Comments

[Eddie H. Nessul]

I still have faith that money can grow on trees!

Eddie H. Nessul
Amboy, CA

(Read Names Backwards!)