Minimum wage hike bad for economy
To the editor:
Dennis Rahkonen’s advocacy of a minimum wage increase reflects an emotional appeal to help his fellow man (and of course women too, if you are part of the PC crowd), but flies in the face of reality. Read John Stossel’s op-ed, which includes an analysis of the folly of a minimum wage law, just below this letter in that same issue of DMG.
The class warfare argument is once again resurrected by Mr. Rahkonen, as it has been by demagogic politicians since FDR time. It sounds good, but these “85 mega rich individuals” didn’t acquire their wealth through stupidity. And many are outwardly advocates of redistribution, paying lip service to “Progresssive” programs, e.g., George Soros and a plethora of Hollywood and Broadway multimillionaires. (Where does “multi” stop and “mega” begin?)
Dennis, have you followed the Detroit financial mess where well-meaning advocates for the working man killed the “auto industry goose” that was laying “golden parachutes” for so many city employees who now find their lifetime pensions underfunded such that I and all other Michigan taxpayers will be funding a grant for a bailout?
Think $17 trillion debt to the national treasury. Who will bail out that one? Answer: the millennial generation and their progeny, just as our president is blatantly saying these should be enrolled in Obamacare to pay for us “old buggers.”
Think again, Dennis.