Economics Professor: Why the Minimum Wage Is Complete Garbage

Economics Professor: Why the Minimum Wage Is Complete Garbage

With Joe Biden as president, the days of the national minimum wage at its present $7.25 per hour may soon be gone. It will likely be raised to $15 or more and also indexed for inflation, whether it is stuck into a COVID bill or sent to Congress on its own.

But this enactment would be a joblessness bill for “the least, the lost and the last” among us, the very people who suffer the most economic hardship.

The unemployment created by this pernicious legislation always attacks the poor and the unskilled, precisely the people who can least afford it. But it is even more crucial to understand this economic law in the age of pandemic, given present high unemployment rates. Let us, then, more clearly understand the malevolent effects of this unwise legislative enactment.

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What determines wages? At what level would wages register were there no laws on the

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