OPINION: 17 Million Reasons to Raise the Minimum Wage
How does someone as economically ignorant as Senator Warren get elected? Economist Milton Friedman explained repeatedly (look it up on Youtube) why and how minimum wage laws hurt the poor. He called it the most anti-black law in the books and for good reason. Minimum wage laws result in increased unemployment among those who are least skilled and educated. Every time the minimum wage is increased, we see a spike in teen and black unemployment. The reasons are quite obvious. The market is willing to pay only what your talent and skill level demands. If your talent is only worth $5/hour but the government mandates that the company pays you $10/hour, the company will simply refuse to hire you.No one should work full time and live in poverty. In 1968, the minimum wage was high enough to keep a family of three out of poverty. In 1980, the minimum wage was at least high enough to keep a family of two out of poverty. Today, the minimum wage leaves a working parent with one child in poverty. This is fundamentally wrong.
I'm reading a book right now about a runaway, homeless teen (Breaking Night by Liz Murray). She was raised by two drug addicted parents who used up their welfare check in the first week buying drugs. This teen wanted to get a job bagging groceries (at 13 yrs old) but there was an age restriction and a minimum wage. The grocery store hired immigrant workers instead because they were better workers. Now, if the minimum age were lower, this teenager might've stood a better chance.
What lefties like Senator Warren fail to understand is that it is her policies that drive up poverty. Lefty policies like the minimum wage, Obamacare, the entire anti-fossil fuel agenda, high taxes, anti-school choice, and over-regulation all drive up poverty by reducing opportunities. There are few poor people in North Dakota because they are at full employment and have a huge demand for labor. There is opportunity in North Dakota and in Midland, Texas. As supply sider Art Laffer says, "The best anti-poverty program is a job." We are now in year 5 of this leftist administration. Under Obama, the number of people on food stamps has about doubled and the real unemployment rate (the U6 number) is 13.1%.
Senator Warren, do the country a favor and watch some Milton Friedman youtube videos.