A $15 Minimum Wage, Legally Speaking

Plenty well-meaning socialist puppets support a $15 minimum wage because they want to help poor and working-class people. But raising the minimum wage does not magically make low-skilled workers more valuable—so they will simply lose their job and plenty prospects—unless you pass a “Fannie Mae and Freddie Mac” for industry—where businesses are forced to hire sub-prime employees (and we saw how well sub-prime lending laws worked, when the housing market collapsed).

Employment is a legal contract. Legally speaking, a $15 minimum wage simply means that it is illegal for an employer to form a mutually-beneficial employment contract with a person who can provide only 8, 10, or 12 dollars worth of value.

Setting aside utopian Socialst fantasies: By using minimum-wage laws to criminalize the employment of low-skilled workers—you get what we have got:

massive unemployment,

massive under-employment,

massive mechanization,

and massive relocation of jobs to locations that do not criminalize the employment of low-skilled workers.

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