Seriously, reading James Dorn’s drivel makes me wonder how he ever managed to get an audience outside of those whose interests he is serving.
Look at this nonsense (from the linked article, above):
A higher minimum wage—without a corresponding increase in the demand for labor caused by an increase in labor productivity (due to more capital per worker, better technology, or more education)—will mean fewer jobs, slower job growth, and higher unemployment for lower-skilled workers. Higher-skilled workers and union workers will benefit, but only at the expense of lower-skilled workers, especially the young and minorities. There is no free lunch.
He doesn’t even seem to get the irony there. If you increase labor productivity, all else being equal, it will result in a *reduction* in the demand for labor. The ONLY things that will increase demand are changes in fashion/trends, or having a customer base that grows in population, or whose wealth/income increases, or some combination of these things.
Lowering taxes for the wealthy does NOT increase demand, nor does it benefit the economy. Increasing the wealth of the already wealthy does NOT stimulate the economy. History shows us this time and time, again. Increasing the wages of the greatest number of people (usually via taxes or other regulations), and reducing the wealth/income gap DOES stimulate the economy.
