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 SowellMistakes can be corrected by those who pay attention to facts but dogmatism will not be corrected by those who are wedded to a vision.
Thomas SowellIf increased government spending with borrowed or newly created money is a 'stimulus,' then the Weimar Republic should have been stimulated to unprecedented prosperity, instead of runaway inflation and widespread economic desperation that ultimately brought Adolf Hitler to power.
Thomas SowellAfter 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.
Thomas Sowell