Heavy Lifting - thoughts and web finds by an economist
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Sunday, July 11, 2004
Last year the Sante Fe city council voted to require a "living wage" of $8.50 per hour for any private enterprise with more than 25 employees, which is supposed to increase to $10.80 by 2008. Last week, a state judge upheld the law and that's that. At the current level, the full time minimum wage job will pay $17,000 per year, which sounds great and might even allow an individual to "live," if they are lucky enough to have a minimum wage job after all the firms that can leave do leave.
Why anyone would open a business in Sante Fe is beyond me. Here's more
Ayn Rand wrote about such insanity almost fifty years ago and while her insight wasn't necessarily new, her ability to express the outcomes of (anti)humanitarian laws such as this was unequaled.
Perhaps the Sante Fe city council would do well to take a gander at Ayn Rand's Magnum Opus.
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