CFPEcon101 — June 14, 2010 — Minimum wage laws seem like a good idea, but arbitrarily mandating a certain wage can have terrible consequences. This CF&P Foundation mini-documentary reveals that business are not charities, so if the minimum wage is set above the market level, this eliminates job opportunities — particularly for the less fortunate members of society. Since employees and employers should have freedom of contract, the right minimum wage is zero. www.freedomandprosperity.org

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1. 

   Dave Lamont

   June 28, 2010 at 11:19 PM

   This cuts both ways, market value can be artifically dropped making workers pay at pennies to the dollar, this speech is great on paper but this guy forgets that in the late 1800s people worked 14 hours for well below “market value”, why? Cause there was no regulation to impact “Market value” it may not seem fair to the business (And there is a duty to country and community, sorry profit is not the ONLY thing required of a business) but the recession of the 1800s were all centered around no one being able to buy products, there was no regulation or government mandates. Only reason the poor managed to survive here vs. Europe is we were able to use more resources to make a living without the need for money even. It is a pipe dream to trust business alone to create a fair market value, they failed to do so in the 1800s, why would they do better now?
2. 

   Head Patriot

   June 29, 2010 at 6:49 AM

   @Dave – You make a fair argument…… basically the same one can be made for labor unions…… Although I not sure what you mean by “Only reason the poor managed to survive here vs. Europe…..” and to pin your beliefs of how successful the poor is the USA just on minimum wage laws I feel is a bit short sighted in my opinion. While labor unions and minimum wage laws were needed in the 1800′s to not acknowledge in large part are now causing problems and concerns now is not just being realistic….. again in my opinion.
3. 

   Dave Lamont

   June 29, 2010 at 11:14 AM

   Well prehaps too much of a thing needed before is bad now, maybe we can say that about labor unions and the same of Minimum wage laws but there is zero proof that if both went away we’d be better off. In fact the proof is opposite cause we do have history to tell us what happened when there was no regulation, saftey, wages and treatment of employess was horrible. I don’t buy the axiom that Unions are the larger part of the problem, part of the problem yes Union leadership is part of it, but the concept of unions are not.
4. 

   bob

   June 30, 2010 at 6:29 PM

   this idea might make sense if the “” Since employees and employers should have freedom of contract”‘ for wages was between say a store owner and 1 employee. But it is not in most cases it is between 1 employee and 1 giant mega corporation. most of those corporations are like mad dark beasts that want nothing but PROFIT !!! no mater what every single quarter. So to say a single worker can never hope to “bargain” with a unnamed beast if there are no laws to back them up. Said beast will always revert back to its lowest point in favor of “”nothing but PROFIT !!! no mater what every single quarter”"” so it wants the employee to pay the company for the privilege of working at it would be its best idea of fair.

   so just do this one if possible get 1 CEO drunk of his ass and guarantee him 100% that no recording devices are around and ask him this
   would you kill off say
   6 kids
   100 of your workers
   1000 consumers
   ??? of you name it
   for
   5 times more profit this next decade
   5 times your best bonus
   5 times your highest pay
   and 100% guarantee to get way with it

   you might want to start digging graves before you ask you might not like the answer