Hugo Gurdon is the editor-in-chief of the Washington Examiner. He is the former editor-in-chief of the Hill and previously served as an editor and reporter at the Daily Telegraph of London and the National Post of Canada. His writing has also appeared in such publications as the Wall Street Journal (Europe), Financial Times, and the Guardian.
California is raising the minimum wage for fast-food workers from $15 an hour to $20. Wouldn’t it be nice if we could all get 33% raises?
As Thomas Sowell wisely wrote in his latest book, Social Justice Fallacies, which came out last month, “People tend to buy less at a higher price. If so, then employers — not being inert chess pieces [to be moved around at the whim of government] — tend to hire less labor at a higher price, imposed by minimum wage laws, than they would hire at a lower price, based on supply and demand.”
Price fixing will reduce the supply of new and existing therapies, create shortages, and put upward pressure on prices. The Inflation Reduction Act everywhere stokes inflation by spending borrowed money to subsidize services such as child care so Biden can boast about lower costs. The irony.
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