Ron Paul: "Raising minimum wage hurts the poorest"Submitted by egapele on Mon, 12/30/2013 - 10:28
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."
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."
"...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-