From James Taranto's column, Best of the Web Today on Thursday: Great Moments in Liberal Economics:

"The purchasing power of minimum wage is at an historic low. Coupled with the relatively high cost of living in New Jersey, the state's lower income workers are being pushed to the brink. Acting Governor [Richard] Codey believes all New Jerseyans deserve the fair proposition that an honest day's work should garner a living wage. Moreover, there is strong evidence that increasing the minimum wage also significantly improves quality of life--reducing hunger and increasing healthcare."--"State of the State Highlights," New Jersey government Web site, Jan. 11

"Several senior citizens working in non-profit and public organizations in Salem, Cumberland and Gloucester counties will face layoffs in December. Chris Davenport, executive director of Salem Main Street program, said the federally funded non-profit company Experience Works, which assists low-income senior citizens with job training and placement, has been forced to lay off seniors due to the increase in minimum wage."--Today's Sunbeam (Salem, N.J.), Nov. 17

The biggest effect of minimum wage laws is that jobs are eliminated when they're not worth the minimum wage. The biggest effect of price controls (to stop those pesky price gougers) is that you quickly run out of supply. Economics is pretty simple, folks. But rarely do politicians have the ability to understand the negative consequences of their actions.

Labels: politics