Ep. 4 - The Truth About Minimum Wage

We are going to tackle the minimum wage issue with facts, figures, economic laws, and logic rather than, what we usually get - emotional calls for the wage rate increase using illogical arguments that are in direct opposition to economic law. I want to start with a quote by Thomas Sowell from his epic book, Basic Economics that really lays the foundation for this discussion. On page 237 he said: “By the simplest and most basic economics, a price artificially raised tends to cause more to be supplied and less to be demanded than when prices are left to be determined by supply and demand in a free market. The result is a surplus, whether the price that is set artificially high is that of farm produce or labor.” Show Notes: The Real Minimum Wage is $0.00 - New York Times, January 14, 1987 2014 Congressional Budget Office Study Harvard Business Review study, March 2018 eattle minimum wage Minimum wage is bad for low-skilled workers – Daniel J. Mitchell Economics in One Lesson chapter on minimum wage - Henry Hazlett Real World Examples of How the Minimum Wage Destroys Jobs - Daniel J. Mitchell Part II of Contra Krugman: The Book - Minimum Wage Minimum Wage Hikes Are Killing Jobs in California's Poorest Communities, Study Says Congress Seeks to Boost the Minimum Wage and Teen Joblessness Fee.org How Shake Shack is Dealing with Minimum Wage Guess Why Hundreds of Busboys Just Lost Their Jobs Restaurant Chain Announces Bankruptcy: Says Minimum Wage Hike to Blame The Truth Quest Podcast Patron Page Join the conversation at The Truth Quest Facebook Fan Page Order a copy of Shawn's books - Pritical Thinking, The Proverbs Project, The Termite Effect. The video of this episode is available on Thinkspot, Rumble, BitChute, and Brighteon. Check out short highlight videos of each episode on Instagram.