Minimum Wage is Always Zero

Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.

Thomas Sowell

Whenever someone talks of raising the minimum wage, I think of this quote from Thomas Sowell.  Is it better to raise the wages and thus shove the least productive into unemployment or abolish the minimum and let employers pay what the employee will accept.  No person will voluntarily accept a job that does not make them better off and no employer will hire an additional employee if that does not make them better off.  The minimum wage is just a case of self-declared do-gooders deciding what is 'fair' according to them, without regard to the market, the employee, or the employer.

Along those same lines, taxing the rich does not improve the lot of the poor.  It may please some to see the wealthy punished through taxation, but it harms the economy.  The government is always less efficient in spending money than private individuals.  Had the money remained in the hands of the wealthy, they would invest it with an eye toward profit or spend it on goods, both of which spur growth.  By contrast, government will spend it with no concern of a financial return, which is how we get expensive boondoggles with huge cost overruns.

You cannot help the poor by destroying the rich. You cannot lift the wage earner by pulling down the wage payer. 

Abraham Lincoln