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Wednesday, January 20, 2021
The problem with the minimum wage
President-elect Joe Biden proposed increasing the federal minimum wage from the current $7.25 to $15 an hour as part of his coronavirus relief package announced Thursday night. Such a dramatic increase would exacerbate the devastating impact economic lockdowns are having on small businesses, while doing great harm to 10.7 million Americans who are unemployed.
The situation is so desperate for struggling small businesses that Congress recently increased the total funds available under the Payroll Protection Program to nearly $1 trillion to help them pay their employees and stay afloat.
In other words, most businesses can't meet their current payroll. So what are we doing increasing the cost of payroll by changing the minimum wage?
The Paris Climate Accords are not binding on the US
What could go wrong?
First, we were never legally a part of the PCA, as Matt Margolis posted. President Obama signed the agreement but failed to submit it to the US Senate for ratification. Wonder why? Could it be that he did not have the votes?
Second, the new version of the PCA will be challenged in the courts and found to be unconstitutional. Remember that lesson about "the treaty clause" in the US Constitution class?
So enjoy all of the talk about the PCA because it's just "hot air" and not much more.
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