Hang on a minute! I thought minimum wage laws made absolutely no difference to the employment rate? But if the government is freezing the minimum wage rate then surely this indicates that minimum wage laws do affect the employment rate?Which means that some unemployment must be being caused right now, if the current minimum wage rate is anything above what anybody would be prepared to work for.
Which means we can cut unemployment immediately, if we abandon the minimum wage law right now. Plus, we can sack another load of useless non-job regulators who supervise this law, thereby allowing even more employment as this saved money is then used more effectively in the private sector, hopefully employing these former inspectors to make stuff rather than destroy wealth and waste time.
Employers can also then spend more time generating wealth rather than filling in forms and wasting time with minimum wage law inspections, if this stupid fiat paper law is abandoned.
However, if minimum wage laws really don't affect employment, why don't we just make the minimum wage a million pounds an hour, then we'd all be billionaires by Christmas? We could also make it illegal to sack anyone, which must be the road to real prosperity, surely?
Or is the abandonment of rising minimum wage rates a clear signal that socialism is nothing more than hypocritical self-serving bunk? I'll let you decide.
More on the stupidity of minimum wage laws: here.
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