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Donald Trump’s Excellent Economic Idea: Abolish The Federal Minimum Wage

May 10, 2016

By Tim Worstall

So here’s an economic idea from Donald Trump that we (and I) can fully get behind: It’s time to abolish the federal minimum wage. It’s absolutely time. As the New York Times had it right back in 1987, the correct federal minimum wage is $0. While that’s true and correct, it’s even more important these days because there’s that movement to raise the minimum wage to $15, an amount that would be economically catastrophic for certain areas of the country. Just way, way too high. Thus let us at least do away with the idea of one, national minimum wage and leave it to localities to do as they wish. Further, in that very competition brought about by a patchwork of minimum wages we’ll be able to see the true effects of it. I stoutly maintain those effects are bad and will be worse the higher that minimum wage goes; others differ. So be it, but let’s actually do the experiment and work it out, once and for all.

Here’s how one newspaper is reporting this:

Providing fresh evidence he is making up his policy priorities as he goes along, the Republican presidential candidate contradicted previous statements during an interview with NBC.

“I don’t know how you live on $7.25 an hour,” he said, adding that he would support ‘an increase of some magnitude’ in minimum wage levels, even if he’d rather leave the decision to individual states.

Read the full article at Forbes.com: Donald Trump's Excellent Economic Idea: Abolish The Federal Minimum Wage

Issue Categories : Donald Trump, Regulations