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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (57374)	10/19/2012 11:06:07 AM
From: TimF	1 Recommendation Respond to of 71588

exept Milton Feedman would have Bernanke easing monatary policy MORE! I'm not sure that's true. Friedman was never a "easy money always" kind of guy. But lets say it is, its irrelevant to the point he made in the quote. Assuming both that he would have pushed for easy money now, and that doing so would be a horribly negative thing, doesn't support minimum wages. A well enforced minimum wage is effectively a prohibition on working for people who's skills and effort and habits have a market clearing wage below the legal minimum. And its not just such people who are negatively effected. Some of those who could earn at or just above the minimum might make a little more, but others will lose their jobs as employers cut costs to deal with having to pay each person more, and some companies will go out of business (reducing competition and perhaps eliminating certain products from the market), while others will charge more.