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Politics : I Will Continue to Continue, to Pretend....
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To: Sully- who wrote (34505)8/22/2010 5:22:20 AM
From: Sully-   of 35834
 
h/t to LindyBill:

Quote of the Day: Free Market is a Bathroom Scale

By Mark J. Perry

"The free market is not an ideology or a creed or something we're supposed to take on faith, it's a measurement. It's a bathroom scale. I may hate what I see when I step on the bathroom scale, but I can't pass a law saying I weigh 160 pounds. Authoritarian governments think they can pass that law—a law to change the measurement of things."

~P.J. O'Rourke quoted in today's WSJ

Exhibit A: The minimum wage law. A teenager with no work experience steps on a "bathroom scale" that accurately and truthfully measures the market value of unskilled labor, and the scale says "$5.00 per hour." Politicians pass minimum wage legislation to rig the "bathroom scale" of labor value to instead produce an inaccurate, false inflated reading of "$7.25 per hour." And they then seem puzzled that more than one out of every four teenagers who is looking for a job is unable to find one, but that's what happens when you "rig" the "bathroom scale."
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