manreading_johnsingersargent

Man Reading
(John Singer Sargent)

In this “age of victimization,” it is easy for concepts such as “rule of law” and “fair play” to be drowned out by the protest-driven and violence-implied shouts for “justice.”  But what is “justice” and is this really what these self-identified victims want?  Here are some thoughts by others that may offer some enlightenment.

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Two studies have demonstrated a direct connection between minimum wage hikes and job losses.

An extensive review of research on minimum wage hikes by states, published by the Federal Reserve Bank of San Francisco, reports:

Thus, allowing for the possibility of larger job loss effects, based on other studies, and possible job losses among older low-skilled adults, a reasonable estimate based on the evidence is that current minimum wages have directly reduced the number of jobs nationally by about 100,000 to 200,000, relative to the period just before the Great Recession.

A study done last year by the CBO (Congressional Budget Office) estimated that a raise of the Federal minimum wage to $10.10/hr would result in the loss of 500,000 jobs.  An increase to $9/hr would result in a 100,000 decrease in jobs.

Of course, neither of these analyses considered the $15/hr minimum wage that some cities, some unions and some presidential candidates have advocated.  The impact on jobs at this level would be much more significant.

prezveto

This may be a shock to some, but failing to enforce federal drug laws, reducing sentencing standards for drug-related felonies and releasing convicted drug-crime felons has not led to a decrease in illicit drug use or drug-related deaths.  Tacitly approving state-led legalization of marijuana has not decreased teen use of drugs.  (It has led to an increase of accidents “under the influence” of marijuana.)  Ending the “War on Drugs” policies of previous administrations has not curbed drug traffic, although it has brought the street price of heroin and cocaine down to prices apparently more acceptable to more consumers.  You can read more about President Obama’s failed drug policies here

The Bureau of Labor Statistics announced that the November unemployment rate was steady at 5% and the labor participation rate was steady at 62.5%. However, the number of involuntary part-time workers (workers wanting FT but working PT) increased by 319,000 to 6.1 million in November.  More details here.

Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more, it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay – that ‘someone else’ is you. There is no such thing as public money; there is only taxpayers’ money. – Margaret Thatcher, Statecraft: Strategies for a Changing World