Herewith, HB186, "establishing a state minimum wage and providing for adjustments to the minimum wage", before the NH Senate Commerce Committee, 5/9/2019. The sponsor easily acknowledges that the competitive market for goods and services in NH has already addressed this bill's intent: very few workers would benefit from its economic interventions. Because competition for good labor (it's why that Chatham ice cream shop calculates -- along with all of the other of their business considerations of which you know nothing, Senator Cavanaugh -- it's in its financial interest to pay such good wages).
So why is this necessary? Like the French politician Alexandre Auguste Ledru-Rollin, it seems, our rulers observe, "There go my people. I must find out where they are going so I can lead them."
But if it is necessary -- and there are no nettlesomely negative economic consequences to meddling in the market's pricing signals, because money evidently does grow on trees -- to overrule markets (which have more data than you do) and commandeer other people's contracts because "We Know Better", then why stop at $12? Why not, say, $50? Or $100? Surely that would be even better!
No, because even supporters, one can only surmise, can somehow grasp there would be problems -- of their own creation, and therefore their responsibility -- even if they can't articulate them. And the arguments against $50 are identical to the arguments against $12. Or any, for that matter.
Most simply, they're not your contracts, and you have a "knowledge problem". Show some humility. "Wishing" a business can afford to pay what you want it to pay -- and that the job being done economically supports paying that wage -- doesn't make it so. If you believe it can be paid sustainably, then start a competing business and you will instantly have your pick of the best labor. And like Bernie Sanders, you'll profit like a true capitalist.
Here's an alternative to force-monopoly coercion based in economic ignorance: Private voluntary contracts, and free-market pressure via natural pricing signals and non-government-undermined competition. Yes, even for labor. All will be well...
- The Right Minimum Wage: $0.00 - The New York Times - 1/14/1987
- Glenn Harlan Reynolds: Progressives can't get past the Knowledge Problem | Washington Examiner - 4/4/2010
- I don't know, so I'm an atheist libertarian - CNN.com - 8/17/2011
- The Minimum Wage: A Little Light Empiricism on a Heavy Subject – Reason.com - 2/21/2013
- The Truth About the Minimum Wage - Foundation for Economic Education - 11/19/2012
- How the Minimum Wage Destroyed 1.4 Million Jobs | RealClearMarkets - 12/10/2014
- The Eugenics Plot of the Minimum Wage - Foundation for Economic Education - 2/10/2015
- Jerry Brown: “Economically, the Minimum Wage May Not Make Sense” - Foundation for Economic Education - 4/6/2016
- San Diego’s Experiment With Higher Minimum Wage: 4,000 Fewer Restaurant Jobs – Reason.com - 4/11/2017
- A ‘very credible’ new study on Seattle’s $15 minimum wage has bad news for liberals - The Washington Post - 6/26/2017 (or if you're not subscribed)
- How the Knowledge Problem Impacts Your Daily Decisions - 9/7/2017
- Venezuela’s Maduro Orders 3,500 Percent Increase in Minimum Wage … 40 Percent of Businesses Close – JONATHAN TURLEY - 9/18/2018
- Pew Map Shows One Reason a National $15 Minimum Wage Won’t Work – Reason.com - 10/12/2018
- The Nash Equilibrium Minimum Wage Is Zero - Foundation for Economic Education - 1/3/2019
- Be Careful What You Wish for on the Minimum Wage – Reason.com - 1/24/2019
- Democratic Bill Aims to Hurt NH Workers | The Liberty Block - 5/7/2019
- Senate takes up House bill to raise minimum wage | State | unionleader.com - 5/9/2019
Now the hearing...