episode-355-the-dark-history-of-the-minimum-wage-the-corbett-report

13-04-19 06:23:00,

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There’s something strange about the idea of a minimum wage. It’s one of those subjects that everyone has a strong opinion about, even if they have no idea what makes actual economic sense. But perhaps the most surprising thing of all is that the minimum wage has a dirty secret that most economists don’t want you to know about. Today we explore The Dark History of the Minimum Wage.

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TRANSCRIPT

Minimum wage laws continue to be a political football issue in the United States, with the Fight For $15 movement and various organizations across the country campaigning for a living wage so that low wage workers who are struggling to support a family can make ends meet.

On the surface, it seems like common sense. After all, if there were no minimum wage laws then greedy business owners would just employ slave labour, right? And it’s not like there’s any harm in raising wages. It’s a boon for the poor and a boon for the economy. Right?

But there’s something strange about the idea of a minimum wage. It’s one of those subjects that everyone has a strong opinion about, even if they have no idea what makes actual economic sense. And, as in most cases, what we don’t know about the economics of wage floors can hurt us.

But perhaps the most surprising thing of all is that the minimum wage has a dirty secret that most economists don’t want you to know about.

Today we explore The Dark History of the Minimum Wage.

This is The Corbett Report.

So why $15 an hour? Why not $20? Or $50? Heck, if we made the minimum wage $150 an hour we’d all be millionaires.

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