Minimum wage: Clueless Obama strikes again
Minimum wage debate is in full swing again after President Obama desperately trying to save his approval rating – with the exception of Nixon, worse than any other postwar second-term president –urged Congress to raise its federal level to $9 / hour. Daily show joined the bandwagon with their typical charade, and even managed to embarrass an otherwise indestructible Peter Schiff in the process.
You don’t need to have a Ph.D. in economics to understand the consequences of introducing, or raising, minimum wage (actually you might need not to hold a Ph.D. to be able to use common sense, instead of making up arguments fitting the narrative of those who are paying you). When an employee is not productive enough to be paid the mandated minimum, he is not worth being kept on your payroll. One visit to Australia’s supermarket full of automated cashier machines will tell the story of those whom they replaced and who are now contributing to 5.8% of unemployed Aussies.