disclaimer: I'm not american
minimal wage is retarded concept. no argue there.
but who deciedes what "good jobs" are? why you think the government knows that manufacturing is better then services (for instance)? under protectionism it's politicians and bureaucrats who decides.
imports don't just destroy production. they also release resources for other production.
if you can produce something for $1000 domestically and import it for $800 you save $200 of "productivity" for something else (inflation and taxes aside).
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State imposed minimum wage is a crude measure, yet a very necessary stopgap to prevent a sizeable part of the workforce to descend into absolute ruin and tragedy.
The minimum wage exists because the way the societal economy (not solely the US) runs is clearly skewed, unjust and frankly dumb.
that's probably correct. It exists because in socialism the real value is obscured
I am unaware where this socialism is in the present day?
everywhere. europe especially. canada. and probably 2/3rds of the whole planet.
us soon-ish
I'm sorry but state provided welfare services are not socialism. If it was, the US would be 'socialist' as well, as even the most conservative US states provide welfare and disability payments to its citizens.
I didn't want to offend you. but to qote said Mises.
He left a meeting with most libral (in the original meaning of that word) people of that time with:
"You're all buch of socialists"
It was 1947.
Milton Friedman
and that's the very definiton.
in US you were able to offset it for much longer. probably because your governmet sells debt in dollars and devalues it afterwards. now it bites your ass.