Source: Future of Freedom Foundation
by Jacob G Hornberger
“As the Times’s editorial board points out, the states have enacted their own minimum-wage laws, some of which set the minimum wage at $15 per hour. But the fact is that many businesses pay their workers more than $15 per hour. How is that possible? If employers would pay only $1 per hour if there was no minimum wage, as statists maintain, then why are there employers who pay more than $15 per hour, given that it would be in their interest to pay no more than the mandated $15? The answer is the law of supply and demand. They are paying more than the state-mandated minimum because labor is relatively scarce and demand for labor is high. … In actuality, the minimum wage is a disaster for some workers — specifically those workers whose labor is valued by employers at less that the state-mandated minimum.” (09/03/24)
https://www.fff.org/2024/09/03/economic-ignorance-on-the-minimum-wage/