Dems to Inflate Minimum Wage at Worst Possible Time
It would be nice to think that Democrats are misguided but mean well. However, that would strain credulity in light of them preparing to impose a $15 federal minimum wage. As an extra cruel twist, this act of malice is to be part of a coronavirus relief bill.
The government breaks your leg with useless and tyrannical COVID-19 restrictions. Then it rushes to your rescue with a sledgehammer and breaks your other leg.
In case there is anyone reading with less than a sixth grade understanding of economics, let me explain that forcing the price of labor above the price dictated by the marketplace drives up unemployment. A 2019 report from the Congressional Budget Office estimated that a $15 minimum wage would put 1.3 million people out of work. With the economy reeling from lockdowns, the actual number may be much higher.
It also drives businesses into bankruptcy, because they can no longer afford labor. Restaurants will be hit particularly hard, as they have been by the virus. Even in high-priced New York before the virus, a $15 minimum wage had a devastating effect on restaurants.
Thanks to Big Government’s authoritarian overreaction to the ChiCom virus, national unemployment is around 6.7%, compared to 3.5% at the end of 2019. A vast number of businesses have closed permanently, and many more are barely clinging to life as lockdown restrictions continue, mainly under Democrat rule. The malice of jacking up the minimum wage at a time like this should be obvious to a small child.
Only slightly less obvious is the effect this will have on those with savings or living on a fixed income. Artificially increasing wages will decrease the value of our money through inflation.
Speaking of inflation, the coronavirus “relief” bill calls for $1.9 trillion in extra spending. A fraction of this will be paid by raising taxes, thereby slowing the economy and further increasing unemployment. The rest will be covered by inflating the currency. Soon we will be using $20 bills to stuff mattresses.
The Great Depression was a golden era for Democrats. They had nearly absolute power, and used it to push the country toward socialism. We are about to see it deliberately reenacted.
On a tip from Varla.
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