This headline from the Washington Times grabbed our attention:
One of the three lead candidates for the open Senate seat in California, Rep. Barbara Lee, recently declared that the U.S. minimum wage should be $50 an hour. We used to joke that it won’t be long before Democrats endorsed a $50-an-hour minimum wage, but Lee isn’t. Her plan would likely double the unemployment rate in America overnight.
It turns out, the other two leading candidates for the Senate seat — Democratic Reps. Adam B. Schiff (yes, THAT scoundrel) and Katie Porter — aren’t much better. They want to roughly triple the federal minimum wage of $7.25 to $20 – $25 an hour – making them the moderates in the race.
The late, great economist Walter Williams used to quip that if a higher minimum wage will end poverty in the U.S., then why doesn’t Mexico raise its minimum wage to $50 so it can become the richest country in the world?