Wednesday, May 07, 2014

Debunking Core Minimum Wage Mythology

Joe Biden made a ridiculous claim about minimum wage - that it helped end a Great Depression it in fact aggravated - which of course is what always happens when government imposes price controls, which is what minimum wage actually is. Disappointingly Mitt Romney has missed the point here as well.

Before the Depression, wages dropped when the economy dipped - then rose again as the economy improved.    Because the market is a two-way street, not a one-way street Democrats keep kidding themselves about.

No comments: