Rick Kelo- The Myth of Minimum Wage

Minimum wage is one of the most hotly contested issues in the political and public sphere. Few issues divide workers and organizations more than this. Whilst, from a humanitarian point of view, a high minimum wage seems like a triumph for human rights and progress, it may also have negative effects in the long run for the economy of a nation. In turn, whilst people on minimum wage may be better off in the short run, a crumbling economy is not good for anybody involved. This is why modern classical liberal scholars such as Rick Kelo are using the internet to voice their concerns about the major political issues of the day.

You can earn more about Classic Liberalism by Rick Kelo on his excellent and insightful bog. The executive tax recruiter, who graduated with an MBA in economics and finance, is a prolific online figure. Rick Kelo runs an impressive blog on which he posts articles analyzing and discussing the pitfalls of modern governments economic policies. IN a recent post he took on the debate of minimum wage. As mentioned, many people see minimum wage as a triumph for human rights, and a fight against the exploitation of cheap labor by ruthless and profit-centric organizations However, as analyzed by economics experts like Rick Kelo, the effects on the economy can be disastrous in the long run, particularly on things like unemployment.

Here Rick Kelo outlines one major example that is visible in every major Western country in the world. If a compulsory minimum wage is raised and enforced, then businesses naturally seek to cut costs in the business to ensure their profits remain high and the shareholders satisfied. One go to solution is to embrace new technologies that can do the work of the employees, such as at supermarkets. Nearly every supermarket is equipped with self service checkouts, and many fast food restaurants are following suit. As this becomes a growing trend in companies' attempt to cut operational costs, then naturally hundreds of thousands of people become unemployed. This creates a giant hole in the job market, and can have hugely detrimental effects on the economy.

For Rick Kelo - Tax Recruiter, it s understanding concepts like this that public need to be made aware of before making rash decision on issues that seem like a good idea at first. For Rick Kelo, reintroducing classic liberal economics back into the public consciousness is the best way to fight this, something he is doing in exemplary fashion.