To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Wednesday, January 10, 2007

100 Strippers, 100 Lines of Coke, 100 Dollars

are things I like. 100 hours of Congressional legislative action is something I don't like, which is why Speaker Pelosi's "First 100 Hours" Agenda is driving me to snort coke off of strippers' breasts while tucking money into their love tunnels. The New Democratic Congress: bad for America, good for strippers.

Cato takes apart the 100 Hour Agenda here. I love James Dorn's eloquent opposition to an increase in the minimum wage.
Contrary to the rhetoric, the people harmed the most by minimum-wage legislation are precisely those it is intended to help -- the poor. The idea that legislators can help low-income workers simply by mandating a pay raise is the height of hubris. While the minimum-wage rhetoric may sound good, the reality is quite different. Forcing employers to pay low-skilled workers a higher than market wage -- in the absence of any changes in productivity -- will decrease the number of workers hired (the law of demand).

It would be much wiser to let workers and employers freely negotiate wages than to enact a minimum wage law that interferes with freedom of contract and prevents low-skilled workers from gaining the experience and work ethic necessary to achieve higher living standards. Increasing the minimum wage may give legislators great pride and win them votes, but it does not address the key issue of how to achieve economic growth and thus reduce poverty.
His longer piece on "minimum wage socialism" here.