Re: worst president in modern times
Have you ever taken economics? While there has to be properly right protection, regulating business ALWAYS hurts business. Neither can be avoided, but keeping regulations to minimum helps business. As for the minimum wage, it will cause two things: A. By setting a price floor on labor, the Feds are causing the market to go out of equilibrium. Because some low skill workers aren't worth 10.10 an hour(or even 7.50, in the case of many farm workers) the minimum wage causes higher unemployment for the very people it is supposed to help. B. It will cause higher prices: when you have higher taxes, you have to charge more. The minimum wage is a tax on employers. So it also hurts the very people it is supposed to help, as do many, many government programs, made by corrupt officials that want good results now, and don't give a rip about the future results.
Originally Posted by D_March
Minimum wage is very helpful to the workers that will be able to keep their jobs. But it hurts unemployed, and vulnerable workers. Here is an example: Attachment 68984 as the minimum wage goes up, the employment level goes from E0 to E1, causing an excess supply of employees, and a lower than equilibrium demand. Note: this is just an example, I am in no way saying what the minimum wage should be, rather showing that it takes the market out of equilibrium.
Source: Economics: private and public choice. Gwartney (My textbook for economics 213, which I completed the first of August)