Opponents of minimum wage laws tend to focus their criticism on one particular adverse consequence: by artificially raising the price of labor, they reduce employment, particularly for the most vulnerable in society.
“Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers,” economist Murray Rothbard wrote in 1978. “Because a minimum wage, of course, does not guarantee any worker’s employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.
Though some economists, such as Paul Krugman, reject Rothbard’s claim, a recent study found the overwhelming body of academic research supports the idea that minimum wage laws increase unemployment.
Inflation is up 4.92 percent the past 12 months as of May, the most since July 2008’s 5.5 percent, according to data compiled by the Bureau of Labor Statistics, amid a torrent of trillions of dollars of government spending, Federal Reserve money printing and a weakening dollar combined with the continued economic rebound led by reopening businesses from the 2020 Covid lockdowns.
The past three months alone, inflation has grown at an accelerated rate of 2 percent combined. If that trend were to hold up for the rest of the year, inflation would come closer to 8 percent.
In the month of May, price jumps in fuel oil at 2.1 percent and piped gas service at 1.7 percent offset a 0.7 percent drop in gasoline prices. In addition, new car prices grew 1.6 percent. Used cars and trucks grew at 7.3 percent again after a 10 percent jump in April. Apparel jumped 1.2 percent. And transportation services grew 1.5 percent after a 2.9 percent jump in April.
Many of the independent, undecided and even Democrat voters who chose Joe Biden over President Trump last November did so in hopes that his “moderate” demeanor would signal a return to some sort of “normalcy.”
However, from the moment he took office on January 20th, Biden has proven himself to be anything by moderate. So far Biden seems far more concerned with pandering to the “AOC” wing of his party while the American people pay the price.
On day one of his presidency, Biden rescinded permits for the Keystone XL pipeline, killing an estimated 40,000 high-paying American jobs with the stroke of a pen. He followed this blatant swipe at the American worker again last week by voicing his approval for Vladimir Putin’s plans to build a similar pipeline through Russia and Germany. Critics say this will only strengthen Russia’s dominance over Western Europe’s gas supply. All this while America went from energy independence under Trump, to gas shortages and price hikes under Biden. Lunch Bucket Joe supports Russian jobs over American workers. And we were led to believe the other guy was the “Russian asset.”
Booker was about twelve when he first set foot in a classroom and discovered that he needed a last name. He invented one on the spot, and for the rest of his life, he was Booker Washington. It was then and still is a civics lesson for America. As a slave born on the Burroughs Plantation in 1856, he was simply Booker. But as a freed individual determined to make something of himself, he chose to identify with his country’s founder.
Booker T. Washington—he added the T later—spent the rest of his life getting educated and educating others, black and white. He is out of fashion these days because he preached black advancement through relentless hard work and veered away from challenging the racist public policies of his time. But he still has something to teach us, namely that Americans have to own their history.
Monday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast live from Music Row on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined in studio by the all-star panelist Crom Carmichael.
Near the end of the second hour, Carmichael differentiated between a Biden versus Trump campaign citing that Biden’s would be one of feelings and Trump’s as policies. He made an important point noting that Trump has brought back manufacturing jobs leading to more jobs and higher pay within the Black and Latino communities without the use of Obama’s “magic wand.”