Comrade Bernie must have learned that Economic lesson on his honeymoon in the Soviet Union
Around the country there has been a growing cry by many on the political Left to raise the minimum wage to $15 an hour.
Why $15? Why not $20?
Maybe it’s Bernie Sanders’ favorite number.
Or how many houses he owns.
One thing is for sure: Comrade Bernie loves the idea of raising the minimum wage.
Bernie recently introduced legislation in the Senate to raise the federal minimum wage to $15 an hour.
He tweeted: “The federal minimum wage of $7.25 is a starvation wage. That is why I, along with many other members of Congress, will introduce legislation this week to raise that wage to $15 an hour. If you work 40 hours a week, you should not live in poverty.”
Comrade Bernie must have learned that economic lesson on his honeymoon in the Soviet Union, because he clearly doesn’t understand basic economics, so I will give him a brief economic lesson.
Increasing the minimum wage increases unemployment.
Because when you raise the cost of labor, the employer may be forced to fire workers or cut their hours. The high cost of labor prevents employers from hiring more workers; they are unable to afford to hire more staff.
You and I will pay more for products as a result of a higher minimum wage. The business has to pass the higher cost of their production onto the consumers through higher prices.
The higher prices will likely cause you and me to buy less of the product.
The gains to a few workers are drastically outweighed by the negative effect to other workers and consumers.
Economic lesson over.
Did you get that, comrade?
Was that too fast for you?
It sounds nice to raise the minimum wage to help poorer people.
None of us like to see people struggle.
However, we conservatives understand that by allowing the labor market to function freely, we are helping more people get jobs and increase their likelihood of working their way out of poverty—long-term.
The results of higher minimum wages have had real negative consequences.
New York City has seen its worst drip in restaurant jobs since 9/11.
Because the city—under the leadership of Mayor Bill de Blasio—raised the minimum wage to $15 an hour. The city saw its sharpest fall in restaurant employment in nearly 20 years.
In Seattle, the city council voted to raise the minimum wage to $15 an hour by 2021.
The results have, so far, been predictable.
The University of Washington studied the effects of raising the wage to $13 an hour in 2016. The study found that companies responded by cutting low-wage workers’ hours; workers clocked 9% fewer hours on average and earned $125 less each month after the most recent increase.
University of Washington professor Mark Long said, “If you’re a low-skilled worker with one of those jobs, $125 a month is a sizeable amount of money… it can be the difference between being able to pay your rent and not being able to pay your rent.”
Is that “fair,” comrade?
The road to hell is paved with good intentions.
Just because a policy sounds moral, doesn’t mean it is.
Minimum wage laws, and other government control policies, hurt the people they are intended to help.
Comrade Bernie and his followers judge policies by emotion—not facts.
In the words of Ben Shapiro: “Facts don’t care about your feelings.”