Raising The Minimum Wage Is a Job Killer

I would like to think that I have a heart and detest the fact that there are millions of people living in poverty in our nation. This said, basic economics is less a function of what is one’s heart than what is in one’s head.

The number of people living in poverty in America is now approaching a 50 year high. That fact is certainly regrettable but President Obama’s call to increase the minimum wage is not the answer to this problem.

I am sure that many people with big hearts would think that if only those greedy companies raised the minimum wage to a somewhat respectable level, that some of this poverty might be alleviated.

Simplistic thinking of that sort might sound good in a State of the Union address but it would certainly not pass muster in any legitimate Principles of Economics 101 seminars.

Let’s go to class and listen to renowned economist Milton Friedman who lays out the basics of minimum wage economics in less than 4 minutes:

Political pandering may work in Washington but ignorance is no excuse for putting forth proposals that have been refuted for decades.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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