The first thing to clarify is what an interest rate is not.
The glowing claims about minimum wage laws don’t pass the most basic economic smell tests. Just look at the data from Europe.
Early proponents of the minimum wage advocated it not in spite of, but for its deleterious effects on minority populations.
California’s minimum wage is set to rise to $15 an hour by 2022.
Economics can be counterintuitive and abstract, but it is also essential for understanding how the world works—especially when we’re trying to make policies in the spirit of good intentions.
Editor’s note: This piece was originally posted by Freedom Partners on July 31st, 2016. Minor edits were made to improve clarity. What does socialism look like in the real world? Cronyism. Inequality. Poverty. Despair. Human suffering on an immense scale. That’s the answer that Freedom Partners member — and Venezuela native — Erick Brimen gives in the video below. […]