Wednesday, August 16, 2006

The Mythology of Minimum Wage

A column by Whitney Blake in this week's Weekly Standard debunks three population misconceptions about minimum wage.

Myth No. 1: Millions of "working poor" are trying to feed a family of four on a single income of $5.15 an hour.

Myth No. 2: Increasing the minimum wage will help poor people and minorities.

Myth No. 3: If Congress doesn't increase the minimum wage, the "working poor" will continue to work for slave wages and be oppressed by greedy corporations.

You can read the entire myth busting column here.

3 comments:

John Murney said...

Yeah, I've read garbage like Blake's piece before, which amounts to poor-bashing.
Have you ever tried to live on the minimum wage?

David MacLean said...

I have, John. Is this one of those "if you haven't done it, you can't talk abotu it" situations?

John Murney said...

I have lived on the minimum wage, to be sure David. The MW is a great incentive to advance one's education, but it is difficult to do if you work long hours and earn little. I understand that there are serious opportunity costs when it comes to raising the minimum wage, with unemployment being the biggest one. But surely there has to be a better alternative than to not increase the MW or to simply increase it?
I am glad you have posted on this matter, because it is worth discussing, and people, regardless of their opinion, have strong opinions on this subject. I would like to do my Honours project on the Minimum wage, but unfortunately I have taken on a much bigger project.
Still, if the CTF was to do some research in this area, I would keep an open mind to reading and analyzing the results.

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