The Minimum Wage and Social Security are Bad for America :: Minimum Wage Essays

A close examination of Americas unemployment rates suggests that minimum rent legalitys deserve a big share of the blame. Businesses are non charities, they further create jobs when they think a worker will generate interlocking revenue. Higher minimum engage are especially destructive for community with poor work skills and limited work experience.-- Dan Mitchell, senior fellow, Cato Institute.In hydrogen Hazlitts book Economics in One Lesson, he explains both(prenominal) basic differences in which a good economic expert is separated from a bad economist. Hazlitt conveys that, the art of economics consists in looking not ex symbolisely at the immediate but at the longer effects of whatever act or indemnity it consists in tracing the consequences of that polity not merely for one group but for all groups (Hazlitt, 2)1. Hazlitts possibleness that the bad economist looks only at the immediate impact of an act or policy and does not evaluate how it effects all groups in th e long run, goes hand in hand with the law of unintended consequences. The law of unintended consequences can be described as, actions of people, and especially government, al centerings surrender effects that are unanticipated or unintended (Norton).2 In early(a) words when the short run effects on one item group is all that is taken into consideration, down the road consequences that can light upon other groups will arise. One thing is for certain unintended consequences follow forward in the long run in all facets of the economy. In many ways economics is a balancing act, and with any policy or act somewhere down the road consequences will evidence themselves that were not necessarily intended from the get go. One economic policy that proves to show unintended consequences over time is the raising of minimum profitss in the work advertise. The immediate impact that takes place in some economists eyes is the fact more money is being placed in the pockets or lower income st ruggling households. However, looking at it this way causes the unintended consequences to be overlooked. Furthermore, in the long run a self-aggrandizing hike in minimum wage would actually cut jobs, frankincense putting those looking to benefit from a higher hourly wage by of work. As explained here, Duke researchers have found that after an development in the minimum wage, the least skilled 3 employees are crowded out of their jobs as better educated teenagers are drawn into the work force (McDonald).4 Now the same employees and families who were targeted to benefit from a minimum wage increase our now suffering.