Wednesday, January 20, 2010

Politically Incorrect Proclamation on 60 Minutes

As part of my playoff-watching hangover, I saw 60 Minutes for the first time in years. The show featured a story about American Somoa, with the headline of the extraordinary number of Somoans who play in the NFL.

But 60 Minutes also mentioned (admitted!) that American's Somoa's recent experience vividly demonstrates how the minimum wage reduces employment.

Blog reader Jim Colburn pointed me to some fascinating commentary by Peter Schiff on the Somoan economy and the minimum wage:

If it weren't true, and harming so many people, minimum wage advocacy would be truly comical!

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