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Ron Paul: "Raising minimum wage hurts the poorest"

Ron Paul: Raising minimum wage hurts the poorest
By David Sherfinski - The Washington Times
December 30, 2013, 07:07AM

Former Rep. Ron Paul, Texas Republican, said in his weekly column that "raising the minimum wage actually harms those at the bottom of the income ladder" and raising it by "government decree" "appeals to those who do not understand economics."

"Raising the minimum wage increases the price of labor, thus decreasing the demand for labor," he writes. "Unskilled and inexperienced workers are the ones most often deprived of employment opportunities by increases in the minimum wage."
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Still, Mr. Paul goes on to argue that "perhaps the most significant harm to low-wage earners" is caused by "the inflationist policies of the Federal Reserve."

"When the Federal Reserve creates money, those well-connected with the political and financial elites receive the newly created money first, before general price increases have spread through the economy," he wrote. "And most fast-food employees do not number among the well-connected."
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"...Congress should also end the most regressive of all taxes, the inflation tax, by ending the Federal Reserve."

Read more: http://www.washingtontimes.com/blog/inside-

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timely

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Pandas eat bugs.

The demand for low wage workers

...has not outpaced the supply. Otherwise...most companies would offer well above the minimum wage for starters and we wouldn't be talking about this issue. Ron Paul is wrong on the issue of raising the minimum wage. He is right on abolishing the minimum wage. My point here is that a minimum wage is simply the minimum amounts a corporation is required to pay a worker. They will ALWAYS pay the minimum amount if they can get away with it. So...I'm for abolishing the minimum wage...but as long as we have it...it should be higher. Every heard of inflation...geesh...

“Those who make peaceful revolution impossible will make violent revolution inevitable.”
- President John F. Kennedy

another argument against government interference in wages...

Raising the minimum wage will increase competition for low skill jobs, such as fast food work. Someone currently making $10 per hour is generally doing harder, often more dangerous work. The opportunity to make the same $10 per hour for lighter work will lead some $10 workers to apply to the fast food workforce. What's more, they will have more appeal to employers than lower skilled workers or people with no work experience, as they will have a proven track record of good attendance etc.

Pandas eat bugs.