President Joe Biden, looking around at how to deal with COVID-19’s assault on the economy, is pushing a program that would abet the assault. It would likely eliminate 1.3 million jobs over time, turn some full-time jobs into part-time jobs, raise prices for consumers, put some businesses out of business and depress entrepreneurial initiative in starting new businesses.
The issue is Biden’s proposed $15 minimum wage that would offer benefits to millions at a significant cost to others, mainly the young and the poor. People cheer and politicians benefit while populist-style progressives pat themselves on the back for supposed compassion that gives the word a bad name. They are afflicted by the Robin Hood mentality – steal from the rich and give to the poor – although they are actually persecuting free markets and taking from the poor. They sadly have an accompanying conviction, namely that central planners are omniscient.