How is something so arbitrary as the minimum wage derived? Did you ever think about that? What is the minimum wage? Do you know? Well, it’s zero. Any moron ought to know that. But not so for the politician. For him, it’s an arbitrary number drawn from an entirely different science than economics; which is political science. The daily exchange of resources, which is the economy, will respond to a thousand percent increase in an entirely different and un-arbitrary way than the politician lets on.
But this does raise a question that deserves an answer. If politicians can arbitrarily legislate whatever income they think one ought to have, or that they think is “fair,” why is it so low? As the mantra goes, “who can survive on minimum wage?”. So who is the real devil here? Is it the politician who legislates sub-poverty wages, or the greedy business owner who…
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Right From Yaad 