Krauthammer: Minimum Wage Hike Is Transfer Of Wealth From Low-income Earners To Low-income Earners

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George Will makes a great point too, noting that we all take it for granted that if you increase the price of something, fewer people will buy it, using the example of cigarettes and fossil fuels, but that people don’t apply the same logic to increasing the price of labor.

But then Charles Krauthammer just puts it beautifully. Via RCP:

CHARLES KRAUTHAMMER: What this is is a transfer of wealth from some low-income earners to other low-income earners. Some — of course, this is so obvious, it’s not rocket science — some will be better off, will make more, but others are going to lose everything. They’re going to lose all of their income, and they’re going to lose the first step on the ladder into employment, which is the hope for the future. So it’s a high price. You can make your choice, but there isn’t a free lunch. They are running ads saying to give America a raise, as if it’s no cost. It is a cost, and it’s other low income people who will be the ones who pay it.

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