Founder, Board Member, Former Acting Chairman of the White House Council of Economic Advisers, Chaired Professor Emeritus - University of Chicago
Discussed on Newsmax recent proposals by California Democrats to raise the minimum wage to $50 (segment starts @ 52.00). Their main rationale for the wage increase is actually the best rationale against it. Their rationale is that the wage increase is needed because prices in CA are so high people have to cut back on purchases. Well wouldn’t you know, turns out that is true for employers too. If wages are high they will have to cut back on labor. The end result is the lowest skilled and poorest getting hurt by not finding employment.
