Minimum Wage Washout
On the impact of the increased cost of health labor John C. Goodman predicts: “Huge labor market upheaval and high unemployment, looking indefinitely into the future.”
John C. Goodman on the rising cost of health labor: “Most people intuitively know that the worst thing government can do in the middle of the deepest recession in 70 years is enact policies that increase the expected cost of labor.” So we can expect: “Huge labor market upheaval and high unemployment, looking indefinitely into the future.” “In four years’ time, the minimum cost of labor will be a $7.25 cash minimum wage and a $5.89 health minimum wage (family), for a total of $13.14 an hour or about $27,331 a year. (…no one is going to want to hire low-wage workers with families.)”
