My February 7, 2021 letter to President Joe Biden, “The high rate of unemployment among teenagers, and especially black teenagers,* is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws.” —Milton Friedman

Ep. 4 – From Cradle to Grave [6/7]. Milton Friedman’s Free to Choose (1980)

February 7, 2021

President Biden c/o The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500

Dear Mr. President,

Thank you for taking time to have your office try and get a pulse on what is going on out here in the country.

I read this article on January 15, 2021 about your announcement the previous night concerning your first proposal to Congress. Biden’s $1.9 Trillion COVID Relief Package Includes More Stimulus Checks, State Government Bailout, $15 Federal Minimum Wage

Biden is also proposing $170 billion to assist in reopening schools and a $350 billion bailout of state and local governments. And on top of all that, Biden called for raising the national minimum wage to $15 an hour.

I wanted to let you know what I think about the minimum wage increase you have proposed for the whole country and I wanted to quote Milton Friedman who you are familiar with and you made it clear in July that you didn’t care for his views! Let me challenge you to take a closer look at what he had to say!

Think Raising the Minimum Wage is a Good Idea? Think Again.

Full-Page Ad in the Washington Post Asks Readers to Consider the Unintended Consequences of Minimum Wage Hikes
  • Publication Date: January 2006

  • Topics: Minimum Wage

Washington, DC –Today, the Employment Policies Institute [EPI] is running a full-page ad in the Washington Post asking the public to rethink the notion that minimum wage hikes are a good idea. The timing of the ad coincides with the introduction of federal legislation to hike the minimum wage by over 40 percent.

The ad reads:
Think Raising the Minimum Wage is a Good Idea?

“The reason I object to the minimum wage is I think it destroys jobs, and I think the evidence on that, in my judgment, is overwhelming.”
—Alan Greenspan, Former Federal Reserve Chairman

“The high rate of unemployment among teenagers, and especially black teenagers,* is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws.”
—Milton Friedman, Nobel Prize-winning economist

“In some cases the effective marginal tax rate [on a minimum wage increase] exceeds 100 percent and the price of earning extra income may be to leave one’s family worse off than previously.”
—David Shaviro, New York University

“Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.”
—Gary Becker, Nobel Prize-winning economist

Think Again.

“It is a huge misconception that raising the minimum wage is a viable anti-poverty tool and that low-income families will see a large benefit from a hike,” said Dr. Jill Jenkins, EPI’s Chief Economist. “The public needs to understand what economists have known for over half a century: raising the minimum wage jeopardizes the jobs of those with low skills who need the help the most.”

*According to the Bureau of Labor Statistics December Jobs Report, African American teen unemployment is 26.2 percent.

_____________

Thank you so much for your time. I know how valuable it is. I also appreciate the fine family that you have and your commitment as a father and a husband.

Sincerely,

Everette Hatcher III, 13900 Cottontail Lane, Alexander, AR 72002, ph 501-920-5733

Williams with Sowell – Minimum Wage

Thomas Sowell

Thomas Sowell – Reducing Black Unemployment

By WALTER WILLIAMS

—-

Ronald Reagan with Milton Friedman
Milton Friedman The Power of the Market 2-5
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