http://www.americanthinker.com/blog/2015/07/bernie_sanders_inadvertently_makes_the_case_against_a_15_minimum_wage.htmlJuly 26, 2015
Bernie Sanders inadvertently makes the case against a $15 minimum wage
By Rick Moran
This is why socialists are economic ignoramuses. Even while they promote their income redistribution schemes, they inevitably run afoul of basic economic laws that any freshman in college learns in Econ 101.
Forbes Tim Worstall shows how Senator Bernie Sanders actually proves the case against a $15 an hour minimum wage on his own webpage:
This isn’t, perhaps, quite what Bernie Sanders thinks he is saying over on his Senate page but it is indeed what he is saying. He’s providing us with the proof perfect that a rise in the minimum wage to $15 an hour will costs jobs. For he’s telling us that the rise in the minimum wage will be paid for by a combination of three things. Firstly, a rise in prices of goods made by minimum wage labour. This will reduce the volume of such goods purchased (no, really, demand curves do slope downwards) and thus lead to less minimum wage labour being employed. Part of it will be paid for by lower profits. And yes, demand curves really do slope downwards meaning that fewer people will be interested in the profits that can be earned by employing minimum wage labour: thus less minimum wage labour will be employed. Finally, he tells us that there will be a forced rise in the productivity with which labour is used: and a rise in productivity is the same thing as stating that less labour will be used.
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http://www.americanthinker.com/blog/2015/07/bernie_sanders_inadvertently_makes_the_case_against_a_15_minimum_wage.html#ixzz3h0rS9dQV
