In his recent state of the union address, Obama proposed raising the minimum wage to $9 an hour.
In a new post at the College Fix, writer Joseph Diedrich examines the opinions of a few academics who say Obama’s idea will do more harm than good.
Professors, Economists Criticize Obama’s $9 Minimum Wage
President Barack Obama’s call for the minimum wage to be increased to $9 an hour during the recent State of the Union address is a bad idea for many reasons, not the least of which are potential harmful effects to the economy, according to several professors and economists.
One such economist is Art Carden, economics professor at Samford University and a regular contributor at Forbes, who said in an interview with The College Fix that employees who produce at a $9-an-hour level would benefit from a minimum wage increase, however workers who are not worth that wage would suffer as their jobs disappear.
Basically, Carden said that increasing the minimum wage would “reduce the quantity of labor demanded, create at least some unemployment, and privilege the more-productive at the expense of the less-productive.”
He’s one of many smart people to think as much.
Writing in The Free Market, economist Murray Rothbard once declared, “In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period. The law says: it is illegal, and therefore criminal, for anyone to hire anyone else below the level of X dollars an hour…Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result.”
Professors, Economists Criticize Obama’s $9 Minimum Wage (The College Fix)