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Economics In One Lesson: Minimum Wage‐Federal Finances Edition SHARE
The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.
That is the key takeaway from Henry Hazlitt’s classic book
Economics In One Lesson. In the past week, we’ve seen a clear example of policymakers failing to appreciate that lesson when advocating for a $15 minimum wage increase.
Senator Bernie Sanders (I‐Vt) is leading the legislative charge for the $15‐per‐hour federal minimum wage. But rather than just support it on the grounds of raising the pay rate of certain workers, he has previously claimed that the wage floor hike would improve the federal finances too. By increasing wage rates, he said, the federal government would need to pay out less on food stamps, public housing, and other means‐tested programs. Alo