Monday, March 23, 2015

RUINOUS COMPASSION: Thomas Sowell on the minimum wage:
Go to your local public library and pick up a copy of the distinguished British magazine "The Economist."

Whether it is the current issue or a back issue doesn't matter. Spain, Greece and South Africa will be easy to locate in the table near the back, which lists data for various countries. Just look down the unemployment column for countries with unemployment rates around 25 percent. Spain, Greece and South Africa are always there, whether or not there is a recession. Why? Because they have very generous minimum wage laws.

While you are there, you can look up the unemployment rate for Switzerland, which has no minimum wage law at all. Over the years, I have never seen the unemployment rate in Switzerland reach as high as 4 percent. Back in 2003, "The Economist" magazine reported: "Switzerland's unemployment neared a five-year high of 3.9% in February."
But they’re compassionate. They fight unemployment with welfare programs using your tax money.

No comments:

Post a Comment