Broadcast –Minimum WageI support being generous to employees, but not by government edict. Cities like Seattle are forcing employers to pay a minimum wage of $15 an hour. If you believe requiring $15 an hour won’t produce adverse consequences, why stop there? Let’s make it $150 an hour! That way, everyone can be a millionaire!
Higher wages means fewer workers will be hired. The hard truth is the unemployment rate for teens is almost 20%. But, if my city forces me to shell out 15 bucks every hour some high schooler watches my kids, I’ll watch them myself.
People like President Obama, who is pushing Congress to increase the national minimum wage, point out the share of income going to the middle class is steadily decreasing and he’s right. But here’s a better solution. Eliminate Social Security and Medicare taxes for the working poor. That’s the equivalent of a 7.5% increase in every paycheck.