The law of supply and demand might come to play in a recent Missouri move that will create opportunities for people to work as the demand for higher paying people is not as high as the demand for lower paying people.
The state of Missouri is showing us once again that supply and demand always wins in the end. Whenever government intrudes into private contracts, it distorts economic reality.
When prices rise (for anything) people buy less.
Wages are a price.
If government artificially raises that price, employers will buy less. It’s very simple, yet very hard for many people to accept.
Daily Caller reports:
As rallies across the country have demanded an increase in the minimum wage to $15 per hour, one state is reducing its legal lowest rate. Missouri is rolling back its minimum wage from $10 to $7.70.
With a minimum wage of $10, all individuals that lack the skills to earn it are forced into unemployment, courtesy of the government.
Ron Paul Liberty Report