I wish I could find the article from Walter E. Williams (I’m pretty sure it was him) wherein he made the point about how minimum wage also hurts existing workers.
For example, take a 2-year employee who started at minimum wage, learned the job and demonstrated commitment, got raises and is now making $10/hour. If you now start hiring newbies at the same wage, doesn’t the employee with longevity also immediately deserve a raise commensurate with his level of experience and added value?
Most in the congress who have never ran businesses seem to ignore that inconvenient truth. It’s inflation, plain and simple.
They know exactly what they are doing in Congress. That is the scary part. This isn't 'stupidity', it's a tactical move to gain power. Pure and simple.
The following message was published many years ago, utilizing Williams' warning about the negative consequences of minimum wage laws on families and those who most need work experience and earnings. His words were true then, and he repeated them on Stossel just recently. Isn't it interesting that truth is the same decade after decade?
Dr. Williams understands and has been teaching, speaking, and writing about the tragic consequences of the so-called "progressive" policies which Democrats have inflicted upon Americans--all in the name of "helping" them.
Slavery to government is no better than slavery to individual masters. Yet, the "regressives" continue to buy power and influence by promoting policies that destroy opportunity, prosperity, and freedom for our own and future generations.
Sure, he'll think he deserves a raise, but how has his value to the company changed?