Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.

People who thing that they are getting something for nothing, by having government provide what they would otherwise have to buy in the private market, are not only kidding themselves by ignoring the taxes that government has to take from them in order to give them the appearance of something for nothing.

Life has many good things. The problem is that most of these good things can be gotten only by sacrificing other good things. We all recognize this in our daily lives. It is only in politics that this simple, common sense fact is routinely ignored.

The fact that so many successful politicians are such shameless liars is not only a reflection on them, it is also a reflection on us. When the people want the impossible, only liars can satisfy.

The gun-control crusade today is like the Prohibition crusade 100 years ago. It is a shared zealotry that binds the self-righteous know-it-alls in a warm fellowship of those who see themselves as fighting on the side of the angels against the forces of evil. It is a lofty role that they are not about to give up for anything so mundane as facts - or even the lives of other people.

After political crusades for 'affordable housing' ended up ruining the housing market and much of the economy with it, many of the same politicians are now carrying on a crusade for 'affordable health care.' But what you can afford has absolutely nothing to do with the cost of producing anything. Refusing to pay those costs means that you are just not going to continue getting the same quantity and quality - regardless of what any politician says or how well he says it.

Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them.