In another display of selfless masochism, I watched the Trump–Biden debate last night.
The candidates behaved better, for whatever that’s worth, but I was disappointed that there so little time (and even less substance) devoted to economic issues.
One of the few exceptions was the brief tussle regarding the minimum wage. Trump waffled on the issue, so I don’t give him any points, but Biden fully embraced the Bernie Sanders policy of basically doubling the minimum wage to $15 per hour.
This is very bad news for low-skilled workers and very bad news to low-margin businesses.
The economic of this issue are very simple. If a worker generates, say, $9 of revenue per hour, and politicians say that worker can’t be employed for less than $15 per hour, that’s a recipe for unemployment.
Earlier this month, Professor Steven Landsburg on the University of Rochester opined for…
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Utopia, you are standing in it! 
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