For years, the left cried for a $15 minimum wage. The right was very wary of this demand, fearing that they wouldn’t stop just there. And their worries have proven right.
The New York Times is now calling for a $33 minimum wage. Yes you read that right. THIRTY-THREE DOLLAR minimum wage.
Their justification? “In many, many cases, a $15 hourly wage will not bring a family, or even a single person, to an adequate living standard.”
Instead of determining what economic and political factors may be contributing to this, their only conclusion is that we must force businesses to pay their entry level employees more money. They also neglect to discuss what effects such a policy would have.
By raising the minimum wage to $15 an hour in some cities, governments have already created a surplus of labor by pricing low skilled laborers out of the workforce. Suddenly someone who was only worth $10 an hour now finds himself making $0 instead.
Increasing a $15 minimum wage by 120% to $33 an hour would have untold consequences over the economy. Suddenly, a high school dropout flipping burgers at McDonald’s will find himself earning the same as a full-time worker making a comfortable $66,000 salary. If a $15 an hour minimum wage priced low-skilled laborers out of the workforce, a $33 an hour minimum wage would price the average American out of the workforce.
The average American earns roughly $35,000 per year, and with a $33 an hour minimum wage, anyone making less than $66k can kiss their jobs goodbye.
A minimum wage hike of this nature should be fiercely opposed. It is economic suicide, and a recipe for mass unemployment.
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