The logical corollary to the wrong-headed argument that raising - TopicsExpress

The logical corollary to the wrong-headed argument that raising the minimum wage will cause job losses is the argument that eliminating the minimum wage altogether will generate vast increases in jobs. As former congresswoman Michele Bachmann put it, if the minimum wage were repealed “we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level.” In fact, more workers would simply end up with lower wages and less purchasing power, causing the economy to slow and generate fewer jobs. It is no great feat for an economy to create a large number of jobs paying very little. Slavery, after all, was a full-employment system.

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