The Truth About Raising the Minimum Wage

Another day, another classic case of class warfare pandering from the left…

In this image, we see what we can only assume is a caricature of the evil “one percent” standing atop a mountain of dollar bills. The figure points down to a lowly peasant demanding a higher minimum wage, accusing the plebeian of being too greedy.

Now, there isn’t much to unpack here philosophically — the implication is pretty clear. The greedy one percent do everything they can to maintain their wealth, while at the same time kicking the ladder to those beneath them.

In a way, there is some truth to this: big corporations which enjoy special tax loopholes thanks to the federal government have a vested interest in keeping the poor they way they are. That way, they run a far lower risk of having to compete with potential new and innovative businesses. Really, it’s just another problem created by government that is somehow blamed on capitalism.

On the topic of the minimum wage, the idea that simply raising it will lead to higher standards of living has been debunked by economists time and time again. By forcing the market to pay out higher salaries (without increased economic productivity), higher wages simply translate to price hikes on consumer goods — rendering the raise useless in the long term.

~ Facts Not Memes

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