The minimum wage laws are absolutely stupid!
1)First of all the minimum wage artificially inflates prices.
2)Secondly, it creates a huge incentive for illegal immigration.
3)Thirdly it just violates the rights of workers and employers to negotiate their own payment structure.
4)And fourthly, it unfairly discriminates on unskilled laborers who are simply not worth 5$ an hour.
1-Artificial Inflation. When a hamburger shop pays 1$ per hour to its 10 employees is forced to pay 2$ per hour, the price of the hamburgers just double. It is economics 101. Granted the minimum wage never doubles, but the effects are the same on a smaller percentage. The folks working at the minimum wage level never really see any advantage to their higher salaries because whatever gain in income will be consumed by the costs of living (because the things they buy have also increased to offset the labor costs of all products). It is a zero sum gain at best, and at worst, a losing proposition for those making minimum wage because of the higher overall inflation the bulk of the workforce will be pushed into higher tax brackets which of course leads to less spending in the consumable markets.
2-Illegal Immigration incentives. It doesn't take a rocket scientist to see that a migrant farm worker that makes 3$ per day in Mexico might be enticed to sneak across the border for the chance to make 5$ per hour! Elliminating the minimum wage would drive the migrant farm workers pay back down to where nature intended and not so many people would be so inclined to risk life and limb crossing our borders illegally.
3-As a laissez faire capitalist and a staunch believer in the 9th ammendment to the US constitution. It just seems such a violation of the rights of employees and employers to conduct their own legitimate business without interference from the government.
4-I have consulted with many small business owners who have stated on several occasions that they would hire more elderly, handicapped, and other wise unemployable people if they could afford to! Many buisnesses would have employees on staff that would clean up all day, or file papers, sharpen pencils or whatever they would like to do for 1 or 2 bucks per hour, but at 5$ per hour, it just isn't worth it.
REPEAL THE MINIMUM WAGE LAWS!!!!