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 workerโs productivity worth that amountโand, if it is not, that worker is unlikely to be employed.
Thomas SowellDuring the 1930s, some of the leading intellectuals in America condemned our economic system and pointed to the centrally planned Soviet economy as a model -- all this at a time when literally millions of people were starving to death in the Soviet Union, from a famine in a country with some of the richest farmland in Europe and historically a large exporter of food.
Thomas SowellLike a baseball game, wars are not over till they are over. Wars don't run on a clock like football. No previous generation was so hopelessly unrealistic that this had to be explained to them.
Thomas SowellYou can only confiscate the wealth that exists at a given moment. You cannot confiscate future wealth - and that future wealth is less likely to be produced when people see that it is going to be confiscated.
Thomas Sowell