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Burr-Jefferson

On February 17, 1801, an electoral tie between Thomas Jefferson and Aaron Burr was resolved when Jefferson was elected President of the United States and Burr Vice President by the United States House of Representatives.

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Townhall: Barack Obama and the Teachable Wage

This weekend’s Townhall contribution from Yours Truly expands on a point made here on Friday: Raising the minimum wage does not help the poor … so why not press the point?

For your further consideration, including extensive work on the racial effects and racist origins of minimum wage laws:

There is of course a long history and bibliography on the economics of price floors like the minimum wage.

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Thought

Robert Nozick

The socialist society would have to forbid capitalist acts between consenting adults.

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free trade & free markets video

Video: How Minimum Wage Laws Cause Unemployment

Thanks to the president, it’s the meme of the moment. Take it up a notch. With an understanding of the economics involved.

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Today

Henry Adams, Feb 16

On February 16, 1838, Henry Adams was born. One of the long line of Adamses, grandson of John Quincy Adams, Henry became a world-famous historian and critic of American politics. He also wrote several novels, including the classic, “Democracy.”

On February 16, 1918, the Council of Lithuania unanimously adopts the Act of Independence, declaring Lithuania an independent state.

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Robert Nozick

Individuals have rights and there are things no person or group may do to them (without violating their rights). So strong and far-reaching are these rights that they raise the question of what, if anything, the state and its officials may do. How much room do individual rights leave for the state?

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Robert Nozick

To each as they choose, from each as they are chosen.

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free trade & free markets national politics & policies too much government

A Teachable Wage

The U.S. President wants to up the national minimum wage to $9 per hour.

Republicans tend to lose at such policy debates, sometimes by daring to tell the truth: That minimum wage laws tend to raise unemployment. But that doesn’t impress politicians, who can’t be bothered to look beyond the surface of such issues.

They present the minimum wage hike as a guarantee that higher wages get paid all around, that wages only go up, rather than what actually happens: some wages go up to meet the law, and others evaporate, as people are let go, jobs downsized, and new jobs go uncreated.

So why would congressional Republicans use the same old rhetoric to balk at the president’s plan?

Sometimes irony works. Republicans should take all the Democrats’ premises — we want higher wages, more wealth, etc., etc. — and up the ante:

“Yes, raising wages would be great! But why are you all such tightwads? Raise the minimum to $49 an hour! Or make the lowest rate comparable with congressional pay: $85 per hour!”

Then compromise and say they will only vote for the raise if the rate hike is a serious amount, not the president’s paltry $1.75 increase.

At that point, a more honest conversation will start up.

For the ugly truth is that the harmful effects of the current and rather low minimum wage laws rest mainly on folks who aren’t very likely to vote, or to notice why it is they are unemployed. But raise the rate to $49 per hour, or even $19, and the scam becomes obvious to all but the most dense.

Even Democrats would insist on a lower rate.

And then Republicans should demand that Democrats explain why. And reveal the perverse logic behind minimum wages for all to see.

This is Common Sense. I’m Paul Jacob.

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Today

Rutherford B. Hayes women Supreme Court

On February 15, 1879, American President Rutherford B. Hayes signed a bill allowing female attorneys to argue cases before the Supreme Court of the United States.

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H. L. Mencken

One horse-laugh is worth ten thousand syllogisms. It is not only more effective; it is also vastly more intelligent.