The senate did something right:
The Senate defeated dueling proposals Monday to raise the $5.15-an-hour minimum wage – one backed by organized labor, the other salted with pro-business provisions – in a day of skirmishing that reflected Republican gains in last fall’s elections.
I especially like what Sen. John Sununu said:
“When you raise the minimum wage you are pricing some workers out of the market,” said Sen. John Sununu, R-N.H. “It is an economic fact, and the proponents of raising the minimum wage like to dismiss this by saying we have a hard time measuring it and the economy is large.”
Here is more on why the minimum wage is a bad thing, especially for the poorest members of society.
Update: Moonage Political Webdream has more on why the minimum wage is bad.
Update: Tom Palmer has more.
Update: Analysis has more.
Update: Cafe Hayek has more.
Update: Heritage policy has more.
Update: Angry Economist has more.
Update: Walter Williams has more.
Update: The Eclectic Econoclast has more.
Update: scsuscholars has more.
Update:Steven Horwitz has more.
Update: Eidelblog has more.