Minimum Work for a Minimum Wage

     While reading The Financial Crisis and the Free Market Cure by John A. Allison, former CEO of the company BB&T, I came across some great passages that apply to Obama's big push to wipe out the jobs of a lot of workers who are earning the current minimum wage.  The following is a selection:

"The typical victims of the minimum-wage laws are the individuals that the laws are supposed to help by guaranteeing that these workers get a "living wage."  Instead, these potential employees get no wage." (p. 211)

"The minimum-wage laws are the primary cause of the high unemployment levels in the United States today.  In a free market, labor rates (wages) for many jobs would have fallen just as prices for other goods and services have fallen.  Many jobs that have left the United States for China would have stayed in the United States.  Instead of laying off employees, many businesses would have cut wages and kept their employees.  Unemployment would be much lower than it is today." (pgs. 210-211)

"...the politicians and their supporters who have raised the minimum wage in the face of a severe economic correction are inflicting an injustice on the individuals who would be willing to work at a lower wage rate.  It is both immoral and unconstitutional to deny a person the right to work on terms that are acceptable to him." (p. 212)

Paul Wharton
Objectivist Capitalist Medicine Promoter

Special thanks to Eli Lilly & Co. (LLY) for being the fuel of my mind