There are political movements to push the federal minimum hourly wage to $15. Raising the minimum wage has popular support among Americans. Their reasons include fighting poverty, preventing worker exploitation and providing a living wage. For the most part, the intentions behind the support for raising the minimum wage are decent. But when we evaluate public policy, the effect of the policy is far more important than intentions. So let's examine the effects of increases in minimum wages.
Federal Reserve Chair Janet Yellen recently predicted that, thanks to the regulations implemented after the 2008 market meltdown, America would not experience another economic crisis “in our lifetimes.” Yellen’s statement should send shivers down our spines, as there are few more reliable signals of an impending recession, or worse, than when so-called "experts" proclaim that we are in an era of unending prosperity.
This week, we not only celebrate our country's independence from the British but also celebrate the second anniversary of our freedom from the Export-Import Bank.
Is there no limit to the level of disgusting behavior on college campuses that parents, taxpayers, donors and legislators will accept? Colleges have become islands of intolerance, and as with fish, the rot begins at the head. Let's examine some recent episodes representative of a general trend and ask ourselves why we should tolerate it plus pay for it.
In the American holiday calendar no day is more significant than the Fourth of July, in which we celebrate the signing of the Declaration of Independence in 1776. That Declaration proclaimed to the world our separation from Great Britain and our emergence as a new sovereign nation, as we state in the pledge to our flag, "under God, with liberty and justice for all."
As Independence Day comes around again we should spend a few moments between barbecue and fireworks to think about the meaning of independence. The colonists who rebelled against the British Crown were, among other things, unhappy about taxation. Yet, as economist Gary North points out, the total burden of British imperial taxation was about one-to-two percent of national income.
"The North Korean regime is causing tremendous problems and is something that has to be dealt with, and probably dealt with rapidly. President Trump told reporters in the Rose Garden this week. But how this is to be done "rapidly" is not so easy to see.