I find myself mentioning Yaron Brook again on my blog again, this time to link a YouTube video which, though it’s precisely 4 years old, is still very much right and applicable today.
The topic being discussed is the minimum wage, which has once again become a topic mentioned a lot by the media due to continuous mentions of this issue by Bernie Sanders, the Senator from Vermont running for the Democratic nomination to the 2016 US Presidential elections, and also because very recently California and other states have once again increased the minimum wage to $15 an hour.
This very same topic has also been discussed at length in the most recent episode of the Yaron Brook show on AM 560 The Answer.
Yaron Brook’s view is very clear; the government has no rights to set prices on anything. Not on goods, not on bread, not on people’s hourly wages. It was tried many times, under communism, under socialism, under different kinds of collectivistic societies like the current one in the USA, and it never worked.
In fact, making the minimum wage higher does the exact opposite, as it prices OUT of the market those who can only work for fewer dollars an hour. They will remain unemployable and thus unemployed, and the state will subsidize them to remain in that pitiful condition.
The video is very much worth watching, and reflecting upon.