Oh my word, where to start with this nonsense. How about with how I responded to it when I shared it?
Yea right! Why stop there? Why not raise it to $50/hr. and make them all middle income? ROFLMAO
The point being, if you create an artificial floor for the price of labor, you end up throwing a lot of people out of work if that floor is higher than what their labor is worth. When the $50 figure is thrown out there, the minimum wage proponents say it is unreasonable. I wonder how can that be any more unreasonable than any other amount that was not derived by voluntary agreement.
For a different example, rather than selling your own labor say you are selling your own car. It is a 1975 four-door Dodge Dart with peeling silver metallic paint, lots of rust, no air conditioning, etc. You are willing to take any offer, however the government began a program to assist people in need who are selling cars. The minimum price anybody may purchase a used cars for is $2,000. How many takers do you think there will be at that price?you stick an artificial floor on wages you end up tossing a bunch of people out of work, because their labor just is not worth what the government says you must pay them.
For a different take, check out this short video by The Foundation for Economic Education, a place that has published a couple of my articles.
Steve is a graduate of the University of Tennessee, Finance. He is a 30 year veteran Aviation Officer of the Army National Guard and Army Reserve, and former Defense Contractor in Resource Management. He has always had a libertarian streak, no matter which major Party flag he flew. Today he is a Minarchist leaning to Anarcho-Capitalism. He and his wife reside in a secret, undisclosed, subterranean lair with the clan motto of “Leave us alone and nobody gets hurt.” The Anarchist’s Soufflé Book is Steve’s current work in progress, along with Time Bomber: The Forgotten Yippie, coming soon any year now. Steve has been published by the Reason Foundation, and the Foundation for Economic Education. Follow Steve @AustrianAnarchy and view his Austrian Anarchy blog.