City can't afford minimum wage of $15
Jun 25, 2014 | 996 views | 0 0 comments | 35 35 recommendations | email to a friend | print
Dear Editor:

Regarding the proposed $15/hour municipal minimum wage, neither Mayor Bill de Blasio nor the City Council have the constitutional authority to mandate changes in the minimum wage.

Secondly, as economist Thomas Sowell has warned, minimum wage laws in real world market economies "lead to chronically higher rates of unemployment in general and longer periods of unemployment...especially among younger, less experienced, less skilled and minority workers"

The same way that the Obamacare mandate is projected to result in the loss of 2.5 million American jobs, any such political intervention through wage and price controls will do "their constituents a disservice by pricing out of the market the very neediest job seekers."

Further, I advise de Blasio to refrain from labeling his reactionary old-school Liberalism as "progressive." In real world political economy, Roosevelt's "liberal" misnomer translates into Keynesian theory, a bourgeois compromise with revolutionary communism.

Sincerely,

Joseph N. Manago

Briarwood

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