If the “science” of economics has two consistent findings, they are:
- Rent control doesn’t work. It only leaves a city’s rental market more messed up and expensive than ever before. And,
- Raising the minimum wage is a great way to raise unemployment, denying jobs and hope to the poor, the young, and other relatively unskilled people.
Do left-liberals care? Noooooo. With their unreasoning devotion to Big Government as Fantasy-Mommy-Daddy Which Picks Our Food From Unicorn Bushes, they continually advocate both rent control and minimum wage hikes.
But the U.S. already has a fairly high minimum wage, as shown on this neat-o infographic from ZH:
Note that Australia’s vaunted minimum wage is under $10, in real terms (adjusted for PPP). Add in the fact that Australia is actually a freer country than the U.S. – #3 for economic freedom, where the U.S. under Obama has sadly sunk to #10 – and a resource-producer for China, and one can see why Australia has not had more glaring damage from their minimum wage…yet.
I’m sure that Nancy Pelosi, Barbara Boxer and others will not rest until the U.S. is “Number One!” in minimum wage – and in unemployment.