Wednesday, April 28, 2021

Biden's American rescue plan isn't

A hike in the minimum wage for federal workers to $15/hour is in Biden's American rescue plan. Don't fall for it. Only a tiny percentage of Americans work for minimum--it will make no difference, except for reluctance to hire inexperienced, slow workers. First minimum wage law was passed under FDR during the Great Depression. Threw many black families out of work; before that, blacks had lower unemployment than whites. They used their labor to outsmart the white workers and could bid low for jobs when everyone was desperate to work. Before government "help" blacks also had a higher marriage rate than whites. Now it's low for both. Black men had a higher marriage rate than white men until 1950, and black women had a higher marriage rate than white women until 1970. This affects education, health and wealth of children. And look at the government programs that ran amuck with the "War on Poverty." Liberals will blame the war on drugs and prison rates, or advocate for more education, but I blame the government's "help."

"The flagship of the New Deal was the National Industrial Recovery Act, passed in June 1933. It authorized the president to issue executive orders establishing some 700 industrial cartels, which restricted output and forced wages and prices above market levels. The minimum wage regulations made it illegal for employers to hire people who weren’t worth the minimum because they lacked skills. As a result, some 500,000 blacks, particularly in the South, were estimated to have lost their jobs." Cato Institute, Dec. 3, 2003








No comments: