Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Concentrate on Dividend Record and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Your Health
  • Ron Paul
  • Bank Credit & Money
  • Freedom Force
  • Dick Young’s Safe America
  • Bank for International Settlements

The Job Destruction Act

May 7, 2015 By Debbie Young

U.S Congressman Robert C. “Bobby” Scott (D-VA) and U.S. Senator Patty Murray (D-WA) introduced the Raise the Wage Act on April 30. They promised that the bill would “raise wages for nearly 38 million American workers,” as well as phase out the subminimum tipped wage and index the minimum wage to median wage growth.

But as James A. Dorn, vice president of monetary studies at the Cato Institute, points out, the Raise the Wage Act is a feel good bill, rather than an effective way to reduce poverty or create jobs for low-skilled workers

The reality is that whenever wages are artificially pushed above competitive market levels jobs will be destroyed, unemployment will increase for lower-skilled workers, and those effects will be stronger in the long run than in the short run.  The least productive workers will be harmed the most as employers substitute new techniques that require fewer low-skilled workers.  There will be less full-time employment for those workers and their benefits will be cut over time.  That is the logic of the market price system.

In reality, raising the minimum wage would likely reduce employment opportunities, especially for black teens and low-skilled, entry level workers “for whom a job represents the first rungs on the ladder of opportunity.” Read more from Mr. Dorn here.

Related video:

Related Posts

  • Job-Killing, Economy-Stifling Ideas
  • Peyton Manning a Class Act
  • The Destruction of Money
  • Author
  • Recent Posts
Debbie Young
Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.
Latest posts by Debbie Young (see all)
  • The Preposterous Fabrication from the Biden Administration - March 3, 2021
  • Oh, the Thinks You Can Think - March 3, 2021
  • “God Bless America” - March 2, 2021

Dick Young’s Must Reads

  • Johnson’s Landslide Tory Victory Crushes Corbyn the Communist
  • Being Fully American Means Americans First
  • Boom—Your Life Changes
  • Welcome to the Interest Rate Prediction Business, JACK!
  • Globalism Has Made America Dependent on Foreign Countries
  • “The Great Object Is that Every Man Be Armed”
  • TAC’s Robert W. Merry Unveils Presidential War Lies
  • VIDEO: Carlson “Biden’s Fading Intellect an Opportunity for Democrats Who Want to Control Him”
  • VIDEO: Giuliani: BLM Is a Marxist Organization Planning to Destroy the Police
  • What Do You Know About Rho-Kinase?

Disclosure

RSS Youngresearch.com

  • Richard Young Reports: The Great Money Explosion and Disasters
  • Fidelity’s 26 Million Retail Accounts in 2020, Up 17%
  • You’re Rich When You Invest Like Croesus
  • Joel Kotkin: Economic Civil War
  • Depositors in Europe Now Being Charged by Banks
  • Teaching A Family Investment: Warren Buffett’s Annual Letter and You
  • This Is When Things Get Interesting in Currency and Bond Markets
  • JNJ’s “One Shot, Shot”
  • Welcome to the Interest Rate Prediction Business, JACK!
  • Democrats Have a Plan: Don’t Get Too Attached to Your Capital Gains

Richard C. Young: How About Joining Us in Key West

The Preposterous Fabrication from the Biden Administration

Richard Young Reports: The Great Money Explosion and Disasters

Oh, the Thinks You Can Think

Here’s What the Media Won’t Tell You About Bill Gates

One of My Favorite Talks from CPAC 2021

Copyright © 2021 | Terms & Conditions | About Us | Dick Young | Archives