A minimum wage is a government-mandated wage control that takes negotiating power away from workers and employers. There is a rare near consensus among economists that binding price controls distort economic activity, but politics often gets in the way of seeing the fallacy of a wage control. Setting a minimum wage floor above a market wage results in unemployment, especially for low-skilled workers. It also slows future job creation and pushes unemployed workers who would take a wage at less than a minimum wage into long periods of unemployment and dependency on family or taxpayers.
Signing Blank Checks with EpiPens
I prescribed EpiPens yesterday, knowing they are overpriced. But I was shocked by how much. This EpiPen I prescribed is for a mother who watched her 11-year-old son break out in hives from an insect bite on his arm. The hives then spread over his body. This time, fortunately, the hives did not spread to...