No, you aren't dreaming. This post is a virtual facsimile of the 'fiscal cliff' piece I authored two weeks ago, replete with many of the same discouraging bells and whistles -- Democrats reveling in their leverage advantage, public opinion polls spelling doom for Republicans, and no tangible progress on the actual task at hand. If that sentence wasn't enough of a morale boost for you, feel free to read on. Liberals in Congress, led by incoming Senate Budget Committee Chair Patty Murray, are ostentatiously demonstrating an insatiable appetite for fiscal cliff-diving. Their...
minimum wage laws destroy jobs and whole neighborhoods. If the forced wage rate is higher than the marginal productivity of hiring a new employee there will be no job. Period. The wage is not 5 or 7 dollars an hour its is ZERO dollars per hour. That is why there are many whole neighborhoods were no body has a job at all and all the businesses who would hire new comers to the world of actual work have simply moved out or have switched to capital equipment.
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