Living Wage vs. Minimum Wage
I read an article in USA Today called Living-wage movement takes root across nation. It is not an economic commentary, I know, but it talks about the price floor called a minimum wage and the price floor called a living wage. I am one person who does not believe that there should be a floor to wages. Maybe it is because I have never been paid minimum wage, but I don’t think so. I think that I am a person who believes strongly that there are market values for everything. I think that you can buy anything in this world with money. I think that the minimum wage creates an artificially inflated value for a sub-standard product. I think that the market should determine the value of one’s labor. I think that the price floor on labor is creating a social tax. I think that it creates a surplus of supply and a shortage of demand.